We investigate the impact of the European Central Bank's monetary policy an- nouncements on the level and volatility of the EUR-US Dollar exchange rate em- ploying an AR-FIGARCH specification. Using high-frequency data we estimate the individual and complementary effects of the release of the...

Die «Einleitenden Bemerkungen» des Präsidenten der Europäischen Zentralbank (EZB) im Rahmen der monatlichen Pressekonferenz werden weltweit mit grosser Aufmerksamkeit verfolgt. Sowohl die anwesenden Journalisten als auch die online zugeschalteten Ökonomen und Analysten verfolgen jedes Wort...

This paper analyzes whether the educational and professional background of a head of government matters for the implementation of market-liberalizing reforms. Employing panel data over the period 1970-2002, we present empirical evidence based on a novel data set covering profession and education...

There is a growing interest in studying the disagreement of economic agents. Most studies, however, focus on the disagreement regarding one specific variable, hereby neglecting that disagreement may be comoving with disagreement on other variables. In this paper we explore to which extent...

There is a growing interest in studying the disagreement of economic agents. Most studies, however, focus on the disagreement regarding one specific variable, hereby neglecting that disagreement may be comoving with disagreement on other variables. In this paper we explore to which extent...

This paper investigates how inflation expectations evolve. In particular, we analyze the time-varying nature of the propensity to update expectations and its potential determinants. For this purpose we set up a flexible econometric model that tracks the formation of inflation expectations of...

The full-information rational expectations model is clearly rejected by the data. The expectation formation process has therefore important implications for macroeconomic outcomes. We examine how consumers react to information provided by the media, by taking into account that this information...

Utilizing the Michigan Household Consumer survey’s rotating panel microstructure we can identify if individuals have adjusted their expectations towards inflation. This allows us to directly capture the updating behavior of individual consumers regarding their short- and long-run inflation...