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Communication of monetary policy in unconventional times
Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … asset purchase programmes have lowered market uncertainty, particularly when accompanied by a contextual release of … implementation details such as the envisaged size of the programme. We also show that forward guidance reduces uncertainty more …
Persistent link: https://www.econbiz.de/10011663996
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Monetary policy communication : perspectives from former policy makers at the ECB
Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; … - 2021
This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead. Pronounced differences across the respondent groups are rare,...
Persistent link: https://www.econbiz.de/10012705527
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Central bank communication by ??? : the economics of public policy leaks
Ehrmann, Michael; Gnan, Phillipp; Rieder, Kilian - 2023
Leaks of confidential information emanating from public institutions have been the focus of a long-standing line of research. Yet, their determinants as well as their potential impact on public views and on policy effectiveness remain elusive. To address this gap, we study leaks from central...
Persistent link: https://www.econbiz.de/10014380707
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Communication of monetary policy in unconventional times
Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the … asset purchase programmes have lowered market uncertainty, particularly when accompanied by a contextual release of … implementation details such as the envisaged size of the programme. We also show that forward guidance reduces uncertainty more …
Persistent link: https://www.econbiz.de/10011755761
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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...
Persistent link: https://www.econbiz.de/10011604611
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The predictability of monetary policy
Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10011641200
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The Predictability of Monetary Policy
Blattner, Tobias Sebastian - 2008
Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...
Persistent link: https://www.econbiz.de/10012772989
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Credibility Gains from Communicating with the Public : Evidence from the ECB's New Monetary Policy Strategy
Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023
We show that the announcement of the ECB’s Strategy Review and the revision of its inflation target in summer 2021 went largely unnoticed by the wider public. Although it is hard to reach out to this group, we find evidence that communicating key elements of the strategy can enhance the...
Persistent link: https://www.econbiz.de/10014254531
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Communication and Decision-Making by Central Bank Committees : Different Strategies, Same Effectiveness?
Ehrmann, Michael; Fratzscher, Marcel - 2021
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 process in the committee. The paper shows that the Federal...
Persistent link: https://www.econbiz.de/10013318552
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Monetary Policy Communication : Perspectives from Former Policy Makers at the ECB
Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; … - 2021
This paper reports the results of a survey of former members of the Governing Council of the European Central Bank, which sought their views on monetary policy communication practices, the related challenges and the road ahead. Pronounced differences across the respondent groups are rare,...
Persistent link: https://www.econbiz.de/10013310677