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Uncertainty about Federal Reserve policy and Its transmission to emerging economies : evidence from Twitter
Tillmann, Peter - 2016
It is well known that a tightening or easing of the United States' monetary policy affects financial markets in emerging economies. This paper argues that uncertainty about future monetary policy is a separate transmission channel. We focus on the taper tantrum episode in 2013, a period with an...
Persistent link: https://www.econbiz.de/10011546623
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The macroeconomic impact of unconventional monetary policy shocks
Meinusch, Annette; Tillmann, Peter - 2014
With the Federal Funds rate approaching the zero lower bound, the U.S. Federal Reserve adopted a range of unconventional monetary policy measures known as Quantitative Easing (QE). Quantifying the impact QE has on the real economy, however, is not straightforward as standard tools such as VAR...
Persistent link: https://www.econbiz.de/10010338158
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The macroeconomic impact of unconventional monetary policy shocks : conference paper
Meinusch, Annette; Tillmann, Peter - 2014
With the Federal Funds rate approaching the zero lower bound, the U.S. Federal Reserve adopted a range of unconventional monetary policy measures known as Quantitative Easing (QE). Quantifying the impact QE has on the real economy, however, is not straightforward as standard tools such as VAR...
Persistent link: https://www.econbiz.de/10010482445
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Stock market response to COVID-19, containment measures and stabilization policies : the case of Europe
Klose, Jens; Tillmann, Peter - 2022
Policymakers imposed constraints on public life in order to contain the Covid-19 pandemic. At the same time, fiscal and monetary policy implemented a large range of of expansionary measures to limit the economic consequences of the pandemic and stimulate the recovery. In this paper, we assess...
Persistent link: https://www.econbiz.de/10012887221
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COVID-19 and financial markets : a panel analysis for European countries
Klose, Jens; Tillmann, Peter - 2020
In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy...
Persistent link: https://www.econbiz.de/10012224892
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News shocks spillovers : how the euro area responds to expected Fed policy
Rudel, Paul; Tillmann, Peter - 2018
monetary policy news shock based on a VAR model. A monetary news shock is equivalent to new information about the Fed's future … monetary policy becoming available today. One example of a monetary news shock is a Forward Guidance announcement, where the … shocks. We estimate the response of the euro area to an expected future policy tightening of the Fed. The U.S. news shock …
Persistent link: https://www.econbiz.de/10011921241
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News shock spillovers : how the euro area responds to expected fed policy
Rudel, Paul; Tillmann, Peter - 2024
monetary policy news shock based on a VAR model. A monetary news shock is equivalent to new information about the Fed's future … monetary policy becoming available today. One example of a monetary news shock is a forward guidance announcement, where the … shocks. We estimate the response of the euro area to an expected future policy tightening of the Fed. The U.S. news shock …
Persistent link: https://www.econbiz.de/10014637094
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Quantitative easing and tapering uncertainty : evidence from Twitter
Meinusch, Annette; Tillmann, Peter - 2015
responses to identify a belief shock. The results show that shocks to tapering beliefs have profound effects on interest rates …
Persistent link: https://www.econbiz.de/10010494862
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ECB vs Bundesbank : diverging tones and policy effectiveness
Tillmann, Peter; Walter, Andreas - 2018
-term interest rates respond less strongly to a monetary policy shock if ECB-Bundesbank communication is more cacophonous than on …
Persistent link: https://www.econbiz.de/10011858943
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Monetary policy uncertainty and the response of the yield curve to policy shocks
Tillmann, Peter - 2017
leads to a significantly smaller increase in long-term bond yields if policy uncertainty is high at the time of the shock … are robust to the measurement of monetary policy uncertainty and the definition of the monetary policy shock. We argue … policy uncertainty leads to opposite effects with term premia increasing even more after a policy shock. …
Persistent link: https://www.econbiz.de/10011661992