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Angeloni, Ignazio; Ehrmann, Michael - 2004

We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and growth rates arise within the European monetary union. We find that inflation persistence is a key potential explanatory factor. Other more frequently mentioned reasons, like...

Persistent link: https://www.econbiz.de/10009639448

The role of central bank transparency for guiding private sector forecasts

Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - 2010

expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional … forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies. It … finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of …

Persistent link: https://www.econbiz.de/10009640413

Memories of high inflation

Ehrmann, Michael; Tzamourani, Panagiota - 2009

Inflation has been well contained over the last decades in most industrialized countries. This implies, however, that memories of high inflation are likely to fade, because over time larger parts of the population have never experienced high inflation, whereas those who have might forget. This...

Persistent link: https://www.econbiz.de/10009640518

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/10009640771

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

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

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

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

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

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