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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

Communication of monetary policy in unconventional times

Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017

economy, the introduction of new policy tools and possible limits to the central bank's toolkit could hamper the … only a short horizon, and that the credibility of forward guidance is strengthened if the central bank also has embarked on …

Persistent link: https://www.econbiz.de/10011755761

Mortgage choice in the euro area : macroeconomic determinants and the effect of monetary policy on debt burdens

Ehrmann, Michael; Ziegelmeyer, Michael - In: Journal of money, credit and banking : JMCB 49 (2017) 2/3, pp. 469-494

Persistent link: https://www.econbiz.de/10011708071

Monetary policy after the crisis

Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - In: ifo DICE report 15 (2017) 1, pp. 12-13

The Euro area faces zero inflation paired with low economic growth, at a time when the effective lower bound on nominal interest rates and large budget deficits are constraining conventional monetary and fiscal policy. In this article, we discuss the theoretical and empirical evidence on...

Persistent link: https://www.econbiz.de/10011713433

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