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Exploring differences in household debt across euro area countries and the United States
Christelis, Dimitris; Ehrmann, Michael; Georgarakos, … - 2015
We use internationally comparable household-level data for ten euro area economies and the United States to investigate cross-country differences in debt holdings and the potential of debt overhang. U.S. households have the highest prevalence of both collateralized and non-collateralized debt,...
Persistent link: https://www.econbiz.de/10010526694
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Starting from a blank page? : semantic similarity in central bank communication and market volatility
Ehrmann, Michael; Talmi, Jonathan - 2016
straightforward to compare statements and see how the central bank's thinking has evolved. This paper studies to what extent such … similarity in central bank statements matters for the reception of their content in financial markets. Using the case of the Bank … of Canada (the G7 central bank that had to rely the least on unconventional monetary policy following the global …
Persistent link: https://www.econbiz.de/10011517131
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Euro area government bonds : integration and fragmentation during the sovereign debt crisis
Ehrmann, Michael; Fratzscher, Marcel - 2015
after the European Central Bank's (ECB's) announcement of its Outright Monetary Transactions (OMT) program in 2012. At the …
Persistent link: https://www.econbiz.de/10010508561