Ehrmann, Michael

Research
Division
Current position
Head of Division
Fields of interest
Macroeconomics and Monetary Economics,
International Economics
Other current responsibilities
Education
Professional experience
Teaching experience
ECB Working Paper Series
2020
2019
Can more public information raise uncertainty? The international evidence on forward guidance
No 2263
No 2263
2017
Starting from a blank page? Semantic similarity in central bank communication and market volatility
No 2023
No 2023
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Stocks, bonds, money markets and exchange rates: measuring international financial transmission
No 452
No 452
2004
2003
2002
2001
2000
ECB Occasional Paper Series
ECB Economic Bulletin Article
ECB Research bulletin
Journal publications
2020
Exploring Differences in Household Debt across Euro Area Countries and the United States
Journal of Money, Credit and Banking, Forthcoming
Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility
Journal of Monetary Economics
The European Systemic Risk Board – Governance and Early Experience
Journal of Economic Policy Reform
2019
Can More Public Information Raise Uncertainty? The International Evidence on Forward Guidance
Journal of Monetary Economics
2017
Macroeconomic Experiences and Risk-Taking of Euro Area Households
European Economic Review
Euro Area Government Bonds—Fragmentation and Contagion During the Sovereign Debt Crisis
Journal of International Money and Finance
Necessity as the Mother of Invention: Monetary Policy after the Crisis
Economic Policy, Vol. 32(92), pp.707-755
Household Risk Management and Actual Mortgage Choice in the Euro Area
Journal of Money, Credit and Banking
The Pitch Rather Than The Pit: Investor Inattention During FIFA World Cup Matches
Journal of Money, Credit and Banking
Consumers’ Attitudes and their Inflation Expectations
International Journal of Central Banking
2016
It Hurts (Stock Prices) When Your Team is About to Lose a Soccer Match
Review of Finance
2015
Targeting Inflation from Below – How do Inflation Expectations Behave?
International Journal of Central Banking
2014
The Global Crisis and Equity Market Contagion
Journal of Finance
The Pricing of G7 Sovereign Bond Spreads – The Times, They are A-Changin
Journal of Banking and Finance
The Euro Exchange Rate during the European Sovereign Debt Crisis – Dancing to its own Tune?
Journal of International Money and Finance
Central Bank Communication on Financial Stability
Economic Journal
2013
Dispersed Communication by Central Bank Committees and the Predictability of Monetary Policy Decisions
Public Choice
Explaining EU Citizens’ Trust in the ECB in Normal and Crisis Times
Scandinavian Journal of Economics
2012
The News Content of Macroeconomic Announcements - What if Central Bank Communication Becomes Stale?
International Journal of Central Banking
Communicating About Macroprudential Supervision – a New Challenge for Central Banks
International Finance
The Role of Central Bank Transparency for Guiding Private Sector Forecasts
Scandinavian Journal of Economics
Memories of High Inflation
European Journal of Political Economy
2011
Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
Journal of Applied Econometrics
Politics and Monetary Policy
Review of Economics and Statistics
Monetary Policy in the Media
Journal of Money, Credit and Banking
Geography, Skills or Both: What Explains Fed Watchers’ Forecast Accuracy of US Monetary Policy?
Journal of Macroeconomics
Convergence and Anchoring of Yield Curves in the Euro Area
Review of Economics and Statistics
Inflation Developments and Perceptions After the Euro Cash Changeover
German Economic Review
2009
Forecasting ECB Monetary Policy: Accuracy Is a Matter of Geography
European Economic Review
Global Financial Transmission of Monetary Policy Shocks
Oxford Bulletin of Economics and Statistics
Explaining Monetary Policy in Press Conferences
International Journal of Central Banking
Purdah – On the Rationale for Central Bank Silence Around Policy Meetings
Journal of Money, Credit and Banking
2008
Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
Journal of Economic Literature
2007
Communication and Decision-Making by Central Bank Committees: Different Strategies, Same Effectiveness?
Journal of Money, Credit and Banking
Transparency, Disclosure and the Federal Reserve
International Journal of Central Banking
The Timing of Central Bank Communication
European Journal of Political Economy
Euro Area Inflation Differentials
The B.E. Journal of Macroeconomics (Topics)
2006
The Exchange Rate – A Shock Absorber or Source of Shocks? A Study of 4 Open Economies
Journal of International Money and Finance
New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling
Journal of the European Economic Association
2005
Equal Size, Equal Role? Interest Rate Interdependence Between the Euro Area and the US
Economic Journal
Exchange Rates and Fundamentals: New Evidence from Real-Time Data
Journal of International Money and Finance
2004
Bank Networks and Monetary Policy Transmission
Journal of the European Economic Association
Taking Stock: Monetary Policy Transmission to Equity Markets
Journal of Money, Credit and Banking
2003
Monetary Transmission in the Euro Area: Early Evidence
Economic Policy
Monetary Policy Transmission in the Euro Area – Evidence from Micro Data on Banks and Firms
Journal of the European Economic Association
Monetary Policy Announcements and Money Markets: A Transatlantic Perspective
International Finance
The Effects of Monetary Policy in the Euro Area
Oxford Review of Economic Policy
Uncertain Potential Output: Implications for Monetary Policy
Journal of Economic Dynamics and Control
Regime-Dependent Impulse Response Functions in a Markov-Switching Vector Autoregression Model
Economics Letters
2000
Comparing Monetary Policy Transmission Across European Countries
Weltwirtschaftliches Archiv
Other publications
2018
More, and more forward-looking: Central bank communication after the crisis
S. Eijffinger and D. Masciandaro (eds.), Hawks and Doves: Deeds and Words. Economics and Politics of Monetary Policymaking
Central bank policies after the crisis
S. Eijffinger and D. Masciandaro (eds.), Hawks and Doves: Deeds and Words. Economics and Politics of Monetary Policymaking
2013
Extreme Views Make News
J.-E- Sturm and P. Siklos (eds.), Central Bank Communication, Decision Making and Governance
2011
How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument
S. Eijffinger and D. Masciandaro (eds.), Handbook of Central Banking, Financial Regulation and Supervision After the Financial Crisis
2009
Designing a Central Bank Communication Strategy
D. Mayes and G. Wood (eds.), Designing Central Banks
2006
Reasons and Implications of Inflation Differentials in the European Monetary Union
H. Berger and T. Moutos (eds.), Designing the New European Union
Monetary Policy Transmission in the Euro Area: Any Changes After EMU?
L. Klein (ed.), Long-Run Growth and Short-Run Stabilization; Essays in Honor of Albert Ando
2004
Firm Size and Monetary Policy Transmission: Evidence from German Business Survey Data
Sturm, J.-E. and T. Wollmershäuser (eds.), Ifo Survey Data in Business Cycle and Monetary Policy Analysis
2003
Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area
Angeloni, I., Kashyap, A. and B. Mojon (eds.), Monetary Policy Transmission in the Euro Area
2002
Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes
N. Loayza and K. Schmidt-Hebbel (eds.), Monetary Policy: Rules and Transmission Mechanisms