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  1. Central bank communication with non-experts
    a road to nowhere?
    Autor*in: Ehrmann, Michael; Wabitsch, Alena
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Central banks have intensified their communication with non-experts - an endeavour which some have argued is bound to fail. This paper studies English and German Twitter traffic about the ECB to understand whether its communication is received by... mehr

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    Central banks have intensified their communication with non-experts - an endeavour which some have argued is bound to fail. This paper studies English and German Twitter traffic about the ECB to understand whether its communication is received by non-experts and how it affects their views. It shows that Twitter traffic is responsive to ECB communication, also for non-experts. For several ECB communication events, Twitter constitutes primarily a channel to relay information: tweets become more factual and the views expressed more moderate and homogeneous. Other communication events, such as former President Draghi's "Whatever it takes" statement, trigger persistent traffic and a divergence in views. Also, ECB-related tweets are more likely to get retweeted or liked if they express stronger or more subjective views. Thus, Twitter also serves as a platform for controversial discussions. The findings suggest that central banks manage to reach non-experts, i.e. their communication is not a road to nowhere.

     
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    ISBN: 9789289948173
    Weitere Identifier:
    hdl: 10419/246171
    Schriftenreihe: Working paper series / European Central Bank ; no 2594 (October 2021)
    Schlagworte: monetary policy; central bank communication; social media; non-experts
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  2. Central bank communication with non-experts
    a road to nowhere?
    Autor*in: Ehrmann, Michael; Wabitsch, Alena
    Erschienen: 08 September 2021
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP16525
    Schlagworte: monetary policy; central bank communication; social media; non-experts
    Umfang: 1 Online-Ressource (circa 62 Seiten)
  3. Monetary policy communication
    perspectives from former policy makers at the ECB
    Autor*in: Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; Phelan, Gillian
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    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... mehr

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    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, suggesting that there is broad consensus on the various issues. Respondents view enhancing credibility and trust as the most important objective of central bank communication. They judge communication with financial markets and experts as extremely important and adequate, but see substantial room for improvement in the communication with the general public. The central bank objective is widely seen as the most important topic for monetary policy communication, and several respondents perceived a need for clarification of the ECB’s inflation aim, citing the ambiguity of the "below, but close to, 2%" formulation that was in place at the time of the survey.

     
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    ISBN: 9789289949149
    Weitere Identifier:
    hdl: 10419/249900
    Schriftenreihe: Working paper series / European Central Bank ; no 2627 (December 2021)
    Schlagworte: monetary policy; central bank communication; survey
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  4. Voting right rotation, behavior of committee members and financial market reactions
    evidence from the U.S. Federal Open Market Committee
    Autor*in: Ehrmann, Michael; Tietz, Robin; Visser, Bauke
    Erschienen: [2021]
    Verlag:  Tinbergen Institute, Amsterdam, The Netherlands

    Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of... mehr

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    Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change behavior? We find that the data go against the hypothesis that without the voting right, presidents use their public speeches and their meeting interventions to compensate for the loss of formal influence; rather, they support the hypothesis that the voting right makes presidents more involved. We also find that speeches move financial markets less in years that presidents vote. We argue that these discounts are consistent with their communication behavior.

     
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    Weitere Identifier:
    hdl: 10419/237783
    Schriftenreihe: Array ; TI 2021, 050
    Schlagworte: voting right rotation; monetary policy committee; central bank communication; FOMC; financial market response
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  5. Voting right rotation, behavior of committee members and financial market reactions
    vidence from the U.S. Federal Open Market Committee
    Autor*in: Ehrmann, Michael; Tietz, Robin; Visser, Bauke
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of... mehr

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    Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change behavior? We find that the data go against the hypothesis that without the voting right, presidents use their public speeches and their meeting interventions to compensate for the loss of formal influence; rather, they support the hypothesis that the voting right makes presidents more involved. We also find that speeches move financial markets less in years that presidents vote. We argue that these discounts are consistent with their communication behavior.

     
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    ISBN: 9789289947558
    Weitere Identifier:
    hdl: 10419/237708
    Schriftenreihe: Working paper series / European Central Bank ; no 2569 (June 2021)
    Schlagworte: voting right rotation; monetary policy committee; central bank communication; FOMC; financial market response
    Umfang: 1 Online-Ressource (circa 56 Seiten)
  6. Point targets, tolerance bands, or target ranges?
    inflation target types and the anchoring of inflation expectations
    Autor*in: Ehrmann, Michael
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Inflation targeting is implemented in different ways - most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target... mehr

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    Inflation targeting is implemented in different ways - most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target types affect the anchoring of inflation expectations at shorter horizons differently. It tests two contradictory hypotheses, namely that targets with intervals lead to (i) less anchoring, e.g. because they provide more flexibility to the central bank, or (ii) better anchoring, because they are missed less often, leading to an enhanced credibility. The evidence refutes the first hypothesis, and generally finds that target ranges or (in some cases) tolerance bands outperform the other types. However, the effects partially depend on the economic context and no target type consistently outperforms all others. This suggests that there are some benefits to adopting intervals, but the central bank can anchor inflation expectations also by other means.

     
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    ISBN: 9789289947480
    Weitere Identifier:
    hdl: 10419/237701
    Schriftenreihe: Working paper series / European Central Bank ; no 2562 (May 2021)
    Schlagworte: inflation targeting; inflation expectations; point target; tolerance band; target range
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  7. Point targets, tolerance bands, or target ranges?
    inflation target types and the anchoring of inflation expectations
    Autor*in: Ehrmann, Michael
    Erschienen: April 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Inflation targeting is implemented in different ways – most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target... mehr

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    Inflation targeting is implemented in different ways – most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target types affect the anchoring of inflation expectations at shorter horizons differently. It tests two contradictory hypotheses, namely that targets with intervals lead to (i) less anchoring, e.g. because they provide more flexibility to the central bank, or (ii) better anchoring, because they are missed less often, leading to an enhanced credibility. The evidence refutes the first hypothesis, and generally finds that target ranges or (in some cases) tolerance bands outperform the other types. However, the effects partially depend on the economic context and no target type consistently outperforms all others. This suggests that there are some benefits to adopting intervals, but the central bank can anchor inflation expectations also by other means.

     
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    Weitere Identifier:
    hdl: 10419/235404
    Schriftenreihe: CESifo working paper ; no. 9034 (2021)
    Schlagworte: inflation targeting; inflation expectations; point target; tolerance band; target range
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  8. Monetary policy communication
    perspectives from former policy makers at the ECB
    Autor*in: Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; Phelan, Gillian
    Erschienen: January 2022
    Verlag:  Central Bank of Ireland, [Dublin, Ireland]

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    Schriftenreihe: Research technical paper / Central Bank of Ireland ; vol. 2022, no. 1
    Schlagworte: monetary policy; central bank communication; survey
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  9. Monetary policy communication
    perspectives from former policy makers at the ECB
    Autor*in: Ehrmann, Michael; Holton, Sarah; Kedan, Danielle; Phelan, Gillian
    Erschienen: 17 December 2021
    Verlag:  Centre for Economic Policy Research, London

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    Format: Online
    Schriftenreihe: Array ; DP16816
    Schlagworte: monetary policy; central bank communication; survey
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  10. Central bank communication with the general public: promise or false hope?
    Autor*in: Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; Jansen, David-Jan
    Erschienen: [2022]
    Verlag:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    Auflage/Ausgabe: This draft: 23 March 2022
    Schriftenreihe: Working paper / De Nederlandsche Bank NV ; no. 744 (April 2022)
    Schlagworte: Politische Kommunikation; Zentralbank; Öffentlichkeit; Inflationserwartung; Vertrauen
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  11. Central bank communication with the general public: promise or false hope?
    Autor*in: Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; Jansen, David-Jan
    Erschienen: April 2022
    Verlag:  Benjamin H. Griswold III, Class of 1933, Center for Economic Policy Studies, Department of Economics, Princeton University, Princeton, NJ

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    Schriftenreihe: Working paper / Griswold Center for Economic Policy Studies ; no. 291
    Schlagworte: Politische Kommunikation; Zentralbank; Geldpolitik; Inflationserwartung; Welt
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  12. Central Bank communication with the general public
    promise or false hope?
    Autor*in: Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; Jansen, David-Jan
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This... mehr

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    Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence on the extent to which this new outreach does in fact affect inflation expectations and trust. On balance, we see some promise in the potential to inform the public better, but many challenges along the way.

     
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    Quelle: Verbundkataloge
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    ISBN: 9789289952781
    Weitere Identifier:
    hdl: 10419/269101
    Schriftenreihe: Working paper series / European Central Bank ; no 2694 (August 2022)
    Schlagworte: communication; central bank; general public; monetary policy
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  13. Central Bank Communication with the General Public
    Promise or False Hope?
    Autor*in: Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; Jansen, David-Jan
    Erschienen: July 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence on the extent to which this new outreach does in fact affect inflation expectations and trust. On balance, we see some promise in the potential to inform the public better, but many challenges along the way

     
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    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30277
    Schlagworte: Politische Kommunikation; Zentralbank; Öffentlichkeit; Inflationserwartung; Vertrauen; Consumer Economics: Empirical Analysis; Expectations; Speculations; Monetary Policy; Central Banks and Their Policies; Financial Literacy
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  14. Central bank communication with the general public
    promise or false hope?
    Autor*in: Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; Jansen, David-Jan
    Erschienen: 06 July 2022
    Verlag:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Format: Online
    Schriftenreihe: Array ; DP17441
    Schlagworte: communication; central bank; General Public; monetary policy
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  15. Stock return comovement when investors are distracted
    more, and more homogeneous
    Autor*in: Ehrmann, Michael; Jansen, David-Jan
    Erschienen: 05 May 2020
    Verlag:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP14713
    Umfang: 1 Online-Ressource (circa 31 Seiten)
  16. Stock return comovement when investors are distracted
    more, and more homogeneous
    Autor*in: Ehrmann, Michael; Jansen, David-Jan
    Erschienen: [2020]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    This paper tests whether fluctuations in investors' attention affect stock return comovement with national and global markets, and which stocks are most affected. We measure fluctuations in investor attention using 59 high-profile soccer matches... mehr

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    This paper tests whether fluctuations in investors' attention affect stock return comovement with national and global markets, and which stocks are most affected. We measure fluctuations in investor attention using 59 high-profile soccer matches played during stock market trading hours at the three editions of the FIFA World Cup between 2010 and 2018. Using intraday data for more than 750 firms in 19 countries, we find that distracted investors shift attention away from firm-specific and from global news. When movements in global stock markets are large, the pricing of global news reverts back to normal, but firmspecific news keep being priced less, leading to increased comovement of stock returns with the national stock market. This increase is economically large, and particularly strong for those stocks that typically comove little with the national market, thereby leading to a convergence in betas across stocks.

     
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    ISBN: 9789289940559
    Weitere Identifier:
    hdl: 10419/229026
    Schriftenreihe: Working paper series / European Central Bank ; no 2412 (May 2020)
    Umfang: 1 Online-Ressource (circa 32 Seiten)
  17. DP17784 Credibility gains from communicating with the public
    evidence from the ECB's new monetary policy strategy
    Autor*in: Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff
    Erschienen: 05 January 2023
    Verlag:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP17784
    Schlagworte: monetary policy; central bank communication; credibility; inflation expectations,financial literacy; randomised control trial; Consumer Expectations Survey
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  18. Information acquisition ahead of monetary policy announcements
    Autor*in: Ehrmann, Michael; Hubert, Paul
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    How do financial markets acquire information about upcoming monetary policy decisions, beyond their reaction to central bank signals? This paper hypothesises that sharing information among investors can improve expectations, especially in the... mehr

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    How do financial markets acquire information about upcoming monetary policy decisions, beyond their reaction to central bank signals? This paper hypothesises that sharing information among investors can improve expectations, especially in the presence of disagreement or uncertainty about the economy. To test this hypothesis, the paper studies monetary policy-related content on Twitter during the "quiet period" before European Central Bank announcements, when policymakers refrain from public statements related to monetary policy. Conditional on large disagreement about the economic outlook, higher Twitter traffic is associated with smaller monetary policy surprises, suggesting that exchanging private signals among investors can help improve expectations.

     
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    ISBN: 9789289955126
    Weitere Identifier:
    hdl: 10419/278341
    Schriftenreihe: Working paper series / European Central Bank ; no 2770 (February 2023)
    Schlagworte: Central bank communication; quiet period; Twitter; market expectations; information processing
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  19. Credibility gains from communicating with the public
    evidence from the ECB's new monetary policy strategy
    Autor*in: Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    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... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    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 perceived credibility that price stability will be maintained in the medium-term. Randomised information treatments reveal that providing additional explanations about monetary policy's stabilising role has the strongest positive impact on credibility, boosting credibility also among the less financially literate and generating more persistent credibility gains, even after inflation increased.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289959810
    Weitere Identifier:
    hdl: 10419/278361
    Schriftenreihe: Working paper series / European Central Bank ; no 2785 (February 2023)
    Schlagworte: central bank communication; credibility; financial literacy; randomised controltrial; Consumer Expectations Survey
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  20. Digitalisation and the economy
    Autor*in: Dedola, Luca; Ehrmann, Michael; Hoffmann, Peter; Lamo, Ana; Paz Pardo, Gonzalo; Slacalek, Jirka; Strasser, Georg
    Erschienen: [2023]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Digitalisation has fundamentally changed the global economy and will continue to do so. This paper draws on economic research to identify some of its key implications for labour markets, inequality, e-commerce and the financial system. Beyond its... mehr

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    DS 534
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    Digitalisation has fundamentally changed the global economy and will continue to do so. This paper draws on economic research to identify some of its key implications for labour markets, inequality, e-commerce and the financial system. Beyond its potential to boost productivity and living standards, digitalisation: i) does not necessarily replace jobs on aggregate but changes their content; ii) tends to raise income and wealth inequality; iii) has ambiguous effects on competition; and iv) might change how the retail and financial sectors respond to monetary policy. Developing adequate (re-)training opportunities and providing a labour market, regulatory, and innovation environment which encourages the creation of "good jobs" is essential to improve productivity and equity while avoiding a polarisation of labour markets. E-commerce and fintech will likely lead to a faster transmission of monetary policy. The rise of fintech brings about new risks for regulatory arbitrage and has ramifications for financial stability.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289960724
    Weitere Identifier:
    hdl: 10419/278485
    Schriftenreihe: Array ; no 2809
    Schlagworte: digitalisation; inequality; competition; e-commerce; fintech
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  21. Uncertain potential output
    implications for monetary policy
    Autor*in: Ehrmann, Michael; Smets, Frank
    Erschienen: 2001
    Verlag:  European Central Bank, Frankfurt am Main

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / European Central Bank ; 59
    Schlagworte: Geldpolitik; Produktionspotenzial; Unvollkommene Information; Risiko; Eurozone; Theorie
    Umfang: 56 S, graph. Darst
    Bemerkung(en):

    Literaturverz. S. 47 - 50
  22. Firm size and monetary policy transmission
    evidence from German business survey data
    Autor*in: Ehrmann, Michael
    Erschienen: 2000
    Verlag:  European Central Bank, Frankfurt am Main

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Quelle: Staatsbibliothek zu Berlin
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    Schriftenreihe: Working paper series / European Central Bank ; 21
    Schlagworte: Geldpolitik; Geldpolitische Transmission; Betriebsgröße; Schock; Frühindikator; Theorie; Deutschland
    Umfang: 46 S, graph. Darst
  23. Inflation persistence and price-setting behaviour in the euro area
    a summary of the IPN evidence
    Autor*in: Altissimo, Filippo; Ehrmann, Michael; Smets, Frank
    Erschienen: 2006
    Verlag:  Europ. Central Bank, Frankfurt am Main

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    RVK Klassifikation: QM 430
    Schriftenreihe: Occasional paper series / European Central Bank ; 46
    Schlagworte: Inflation; Inflationskonvergenz; Inflationsbekämpfung; Preisrigidität; Preismanagement; Eurozone; Geldpolitik; EU-Staaten
    Umfang: 56 S., graph. Darst.
    Bemerkung(en):

    Parallel als Onlineausg. erschienen
  24. Interbank lending and monetary policy transmission
    evidence for Germany
    Autor*in: Ehrmann, Michael; Worms, Andreas
    Erschienen: 2001
    Verlag:  Dt. Bundesbank, Economic Research Centre, Frankfurt am Main

    This paper presents empirical evidence on the behaviour of interbank lending in Germany after a monetary policy impulse. Our VAR analysis shows that following a monetary contraction, the banking system as a whole attracts additional funds from... mehr

    Standort:
    Universität Potsdam, Universitätsbibliothek
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    This paper presents empirical evidence on the behaviour of interbank lending in Germany after a monetary policy impulse. Our VAR analysis shows that following a monetary contraction, the banking system as a whole attracts additional funds from foreign banks. Whereas small cooperative and savings banks do not seem to directly access the interbank market themselves, they do so indirectly through the head institutions of their sectors, i.e. the savings banks' and credit cooperative sector, respectively. The interbank flows within these two sectors allow small banks to access funds that might help them in keeping their loan portfolio relatively unaffected. This may explain why the evidence for a bank lending channel in Germany seems to be weaker compared to other countries, e.g. the US.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    ISBN: 3933747791
    RVK Klassifikation: QB 910 ; QK 920
    Schriftenreihe: Discussion paper / Economic Research Centre of the Deutsche Bundesbank ; 11/01
    Schlagworte: Geldmarkt; Geldpolitik; Geldpolitische Transmission; Deutschland
    Umfang: 39 S, graph. Darst
    Bemerkung(en):

    Zsfassung in dt. Sprache
  25. Taking stock: monetary policy transmission to equity markets
    Autor*in: Ehrmann, Michael; Fratzscher, Marcel
    Erschienen: 2004
    Verlag:  Europ. Central Bank, Frankfurt am Main

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / European Central Bank ; 354
    Schlagworte: Geldpolitik; Aktienmarkt; Geldpolitische Transmission; Tobins Q; USA
    Umfang: 46 S, graph. Darst
    Bemerkung(en):