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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...
Persistent link: https://www.econbiz.de/10011604611
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Financial indicators signalling correlation changes in sovereign bond markets
De Santis, Roberto A.; Stein, Michael - 2014
We use a Smooth Transition Conditional Correlation GARCH (STCC-GARCH) model applied to the euro area monetary policy rates and sovereign yields of Italy, Spain and Germany at 5-year maturity to estimate the threshold level of the signals above which the sovereign bond market moves to a crisis...
Persistent link: https://www.econbiz.de/10011605791
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Central bank communication on financial stability
Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - 2011
Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the...
Persistent link: https://www.econbiz.de/10011605378
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Multimarket trading and the cost of debt: evidence from global bonds
Petrasek, Lubomir - 2010
Global bonds are international securities designed to be traded and settled efficiently in multiple markets. This paper studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt. Using a sample of primary and secondary market...
Persistent link: https://www.econbiz.de/10011605258
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Führt die Geldpolitik der japanischen Zentralbank zu einem Währungskrieg?
Matthes, Jürgen; Löchel, Horst; Vollmer, Uwe; … - In: ifo Schnelldienst 66 (2013) 10, pp. 3-18
Beginnt die japanische Notenbank mit ihrer lockeren Geldpolitik einen Abwertungswettlauf? Jürgen Matthes, Institut der … japanische Geldpolitik aus der Perspektive der aufstrebenden Volkswirtschaften zu beurteilen. Für sie folge aus dem Kurs der … japanischen Geldpolitik, dass noch mehr Kapital in ihre Länder fließe, was mit der Gefahr der Bildung von Vermögensblasen, einer …
Persistent link: https://www.econbiz.de/10011693495
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Communication and decision-making by central bank committees: different strategies, same effectiveness?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper assesses the communication strategies of the Federal Reserve, the Bank of England and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decisionmaking process in the committee. The paper shows that the Federal...
Persistent link: https://www.econbiz.de/10011604534
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How should central banks communicate?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...
Persistent link: https://www.econbiz.de/10011604603
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Global financial transmission of monetary policy shocks
Ehrmann, Michael; Fratzscher, Marcel - 2006
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10011604662
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Banking globalization, transmission, and monetary policy autonomy
Goldberg, Linda S. - 2013
International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...
Persistent link: https://www.econbiz.de/10010333575
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Central Bank communication and monetary policy: a survey of theory and evidence
Blinder, Alan S.; Ehrmann, Michael; de Haan, Jakob; … - 2008
Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it written in this decade. We survey this...
Persistent link: https://www.econbiz.de/10011604944