Search Results - Business Economics

Inflation expectations and a conservative central banker : evidence from a natural experiment

Grebe, Moritz; Tillmann, Peter - 2025

This paper studies the response of inflation expectations to an exogenous shift in central bank preferences. We use the unexpected announcement of the resignation of Jens Weidmann, the president of the Deutsche Bundesbank, in 2021 as a natural experiment constituting a rare case of an exogenous...

Persistent link: https://www.econbiz.de/10015643161

News shock spillovers : how the euro area responds to expected fed policy

Rudel, Paul; Tillmann, Peter - 2024

improves sentiment and business cycle expectations in the euro area, which is consistent with the notion of the Fed revealing …

Persistent link: https://www.econbiz.de/10014637094

The FOMC attention cycle

Finck, David; Tillmann, Peter - 2024

Persistent link: https://www.econbiz.de/10014637109

Not all ECB meetings are created equal

Kandemir, Sinem; Tillmann, Peter - 2023

Most meetings of the Governing Council of the ECB take place intra muros at the ECB's premises in Frankfurt. Some meetings, however, are held extra muros, i.e. outside Frankfurt, hosted by one of the national central banks. This paper uses high-frequency surprises from meeting days to show that...

Persistent link: https://www.econbiz.de/10014280769

Household expectations and dissent among policymakers

Grebe, Moritz; Tillmann, Peter - 2022

This paper studies the impact of dissent in the ECB's Governing Council on uncertainty surrounding households' inflation expectations. We conduct a randomized controlled trial using the Bundesbank Online Panel Households. Participants are provided with alternative information treatments...

Persistent link: https://www.econbiz.de/10013270906

Macroeconomic surprises and the demand for information about monetary policy

Tillmann, Peter - 2020

This paper studies the demand for information about monetary policy, while the literature on central bank transparency and communication typically studies the supply of information by the central bank or the reception of the information provided. We use a new data set on the number of views of...

Persistent link: https://www.econbiz.de/10012159070

Financial markets and dissent in the ECB's governing council

Tillmann, Peter - 2020

The decision-making process in the ECB's Governing Council remains opaque as the ECB, in contrast to many other central banks, does not publish the votes for or against a policy proposal. In this paper, we construct an index of dissent based on the ECB presidents' answers to journalists'...

Persistent link: https://www.econbiz.de/10012543060

Trump pressuring the Fed

Tillmann, Peter - 2019

After appointing Federal Reserve Chairman Powell, President Trump steadily put pressure on the Fed to cut interest rates. We show that, on average, a statement from Trump led to lower long-term interest rates, consistent with expectations of lower expected future short rates. However, the impact...

Persistent link: https://www.econbiz.de/10012040604

ECB vs Bundesbank : diverging tones and policy effectiveness

Tillmann, Peter; Walter, Andreas - 2018

The present paper studies the consequences of conflicting narratives for the transmission of monetary policy shocks. We focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro area, who often disagreed on policy over the past...

Persistent link: https://www.econbiz.de/10011858943

Superstar central bankers

Neuenkirch, Matthias; Tillmann, Peter - 2013

The personalities of central bankers moved center stage during the recent financial crisis. Some central bankers even gained "superstar" status. In this paper, we evaluate the pivotal role of superstar central bankers by assessing the difference an outstanding governor makes to economic...

Persistent link: https://www.econbiz.de/10010223512

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