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The effects of monetary policy in the euro area
Ehrmann, Michael; Gambacorta, Leonardo; Martínez … - In: Oxford review of economic policy 19 (2003) 1, pp. 58-72
Persistent link: https://www.econbiz.de/10001891651
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Monetary policy transmission in the euro area
Angeloni, Ignazio; Ehrmann, Michael - 2003
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after u0096 and because of u0096 EMU and, if so, is it becoming homogeneous across countries. Given the data limitations, we concentrate on three blocks of...
Persistent link: https://www.econbiz.de/10009635961
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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 … strategy amid a collegial approach to decision-making, while the Bank of England is using a collegial communication strategy …
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 … the diversity of views on the economic outlook that enhance the effectiveness of central bank communication. …
Persistent link: https://www.econbiz.de/10011604603
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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances …
Persistent link: https://www.econbiz.de/10011604611
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Forecasting ECB monetary policy: accuracy is (still) a matter of geography
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
Monetary policy in the euro area is conducted within a multi-country, multicultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...
Persistent link: https://www.econbiz.de/10011604624
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Monetary policy in the media
Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006
Media coverage of monetary policy actions is a central channel of a central bank’s communication with the wider public …
Persistent link: https://www.econbiz.de/10011604725
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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU) has led to substantial convergence in euro area sovereign...
Persistent link: https://www.econbiz.de/10011604863
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Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence
Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 2006
This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...
Persistent link: https://www.econbiz.de/10011606198
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The predictability of monetary policy
Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008
understand the monetary policy framework of a central bank, i.e. its objectives and systematic behaviour in reacting to different … central bank. This paper reviews the main conceptual issues relating to predictability, both in its short and longer …
Persistent link: https://www.econbiz.de/10011606235