Ehrmann, Michael

Other current responsibilities
  • 2016-
    Editorial Board of the ECB’s Research Bulletin (European Central Bank)
  • 2016-
    Member of Wim Duisenberg Fellow Selection Committee (European Central Bank)
Education
  • 1996-2000
    PhD in Economics, European University Institute, Florence, Italy
Professional experience
  • 2016-
    Head of Division - Monetary Policy Research Division, Directorate General Research, European Central Bank
  • 2015-2016
    Chief of Economic and Financial Research - Bank of Canada
  • 2013-2015
    Research Director - Bank of Canada
  • 2000-2013
    Various positions - Directorate General Research and Directorate General Economics, European Central Bank
Teaching experience
  • 2007-2012
    Goethe University, Frankfurt, Germany
  • 2006
    Free University Berlin, Germany

ECB Economic Bulletin Article

ECB Working Paper Series

2017
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000

ECB Research bulletin

ECB Occasional Paper Series

2009
2008
2006

Journal publications

2017
Ehrmann, M., Pfajfar, D. and Santoro, E.
Consumers’ Attitudes and their Inflation Expectations
International Journal of Central Banking,
Ehrmann, M. and Ampudia, M.
Macroeconomic Experiences and Risk-Taking of Euro Area Households
European Economic Review,
Ehrmann, M. and Ziegelmeyer, M.
Household Risk Management and Actual Mortgage Choice in the Euro Area
Journal of Money, Credit and Banking,
Ehrmann, M. and Jansen, D.J.
The Pitch Rather Than The Pit: Investor Inattention During FIFA World Cup Matches
Journal of Money, Credit and Banking,
Blinder, A., Ehrmann, M., De Haan, J. and Jansen, D.J.
Necessity as the Mother of Invention: Monetary Policy after the Crisis
Economic Policy, Vol. 32(92), pp.707-755
Ehrmann, M. and Fratzscher, M.
Euro Area Government Bonds—Fragmentation and Contagion During the Sovereign Debt Crisis
Journal of International Money and Finance,
2016
Ehrmann, M. and Jansen, D.J.
It Hurts (Stock Prices) When Your Team is About to Lose a Soccer Match
Review of Finance,
2015
Ehrmann, M.
Targeting Inflation from Below – How do Inflation Expectations Behave?
International Journal of Central Banking,
2014
Born, B., Ehrmann, M. and Fratzscher, M.
Central Bank Communication on Financial Stability
Economic Journal,
Ehrmann, M., Osbat, C., Uusküla, L. and Strasky, J.
The Euro Exchange Rate during the European Sovereign Debt Crisis – Dancing to its own Tune?
Journal of International Money and Finance,
D'Agostino, A. and Ehrmann, M.
The Pricing of G7 Sovereign Bond Spreads – The Times, They are A-Changin
Journal of Banking and Finance,
Bekaert, G., Ehrmann, M., Fratzscher, M. and Mehl, A.
The Global Crisis and Equity Market Contagion
Journal of Finance,
2013
Ehrmann, M., Soudan, M. and Stracca, L.
Explaining EU Citizens’ Trust in the ECB in Normal and Crisis Times
Scandinavian Journal of Economics,
Ehrmann, M. and Fratzscher, M.
Dispersed Communication by Central Bank Committees and the Predictability of Monetary Policy Decisions
Public Choice,
2012
Ehrmann, M. and Tzamourani, T.
Memories of High Inflation
European Journal of Political Economy,
Ehrmann, M., Eijffinger, S. and Fratzscher, M.
The Role of Central Bank Transparency for Guiding Private Sector Forecasts
Scandinavian Journal of Economics,
Born, B., Ehrmann, M. and Fratzscher, M.
Communicating About Macroprudential Supervision – a New Challenge for Central Banks
International Finance,
Ehrmann, M. and Sondermann, D.
The News Content of Macroeconomic Announcements - What if Central Bank Communication Becomes Stale?
International Journal of Central Banking,
2011
Ehrmann, M.
Inflation Developments and Perceptions After the Euro Cash Changeover
German Economic Review,
Berger, H., Ehrmann, M. and Fratzscher, M.
Geography, Skills or Both: What Explains Fed Watchers’ Forecast Accuracy of US Monetary Policy?
Journal of Macroeconomics,
Ehrmann, M., Fratzscher, M., Gürkaynak, R. and Swanson, E.
Convergence and Anchoring of Yield Curves in the Euro Area
Review of Economics and Statistics,
Berger, H., Ehrmann, M. and Fratzscher, M.
Monetary Policy in the Media
Journal of Money, Credit and Banking,
Ehrmann, M., Fratzscher, M. and Rigobon, R.
Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
Journal of Applied Econometrics,
Ehrmann, M. and Fratzscher, M.
Politics and Monetary Policy
Review of Economics and Statistics,
2009
Ehrmann, M. and Fratzscher, M.
Explaining Monetary Policy in Press Conferences
International Journal of Central Banking,
Ehrmann, M. and Fratzscher, M.
Purdah – On the Rationale for Central Bank Silence Around Policy Meetings
Journal of Money, Credit and Banking,
Berger, H., Ehrmann, M. and Fratzscher, M.
Forecasting ECB Monetary Policy: Accuracy Is a Matter of Geography
European Economic Review,
Ehrmann, M. and Fratzscher, M.
Global Financial Transmission of Monetary Policy Shocks
Oxford Bulletin of Economics and Statistics,
2008
Blinder, A., Ehrmann, M., Fratzscher, M., De Haan, J. and Jansen, D.J.
Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
Journal of Economic Literature,
2007
Angeloni, I. and Ehrmann, M.
Euro Area Inflation Differentials
The B.E. Journal of Macroeconomics (Topics),
Ehrmann, M. and Fratzscher, M.
The Timing of Central Bank Communication
European Journal of Political Economy,
Ehrmann, M. and Fratzscher, M.
Communication and Decision-Making by Central Bank Committees: Different Strategies, Same Effectiveness?
Journal of Money, Credit and Banking,
Ehrmann, M. and Fratzscher, M.
Transparency, Disclosure and the Federal Reserve
International Journal of Central Banking,
2006
Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A. and Smets, F.
New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling
Journal of the European Economic Association,
Artis, M. and Ehrmann, M.
The Exchange Rate – A Shock Absorber or Source of Shocks? A Study of 4 Open Economies
Journal of International Money and Finance,
2005
Ehrmann, M. and Fratzscher, M.
Exchange Rates and Fundamentals: New Evidence from Real-Time Data
Journal of International Money and Finance,
Ehrmann, M. and Fratzscher, M.
Equal Size, Equal Role? Interest Rate Interdependence Between the Euro Area and the US
Economic Journal,
2004
Ehrmann, M. and Fratzscher, M.
Taking Stock: Monetary Policy Transmission to Equity Markets
Journal of Money, Credit and Banking,
Ehrmann, M. and Worms, A.
Bank Networks and Monetary Policy Transmission
Journal of the European Economic Association,
2003
Ehrmann, M. and Smets, F.
Uncertain Potential Output: Implications for Monetary Policy
Journal of Economic Dynamics and Control,
Ehrmann, M., Ellison, M. and Valla, N.
Regime-Dependent Impulse Response Functions in a Markov-Switching Vector Autoregression Model
Economics Letters,
Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P. and Worms, A.
The Effects of Monetary Policy in the Euro Area
Oxford Review of Economic Policy,
Chatelain, J.-B., Ehrmann, M., Generale, A., Martinez-Pages, J., Vermeulen, P. and Worms, A.
Monetary Policy Transmission in the Euro Area – Evidence from Micro Data on Banks and Firms
Journal of the European Economic Association,
Ehrmann, M. and Fratzscher, M.
Monetary Policy Announcements and Money Markets: A Transatlantic Perspective
International Finance,
Angeloni, I. and Ehrmann, M.
Monetary Transmission in the Euro Area: Early Evidence
Economic Policy,
2000
Ehrmann, M.
Comparing Monetary Policy Transmission Across European Countries
Weltwirtschaftliches Archiv,

Other publications

2018
Blinder, A., Ehrmann, M., De Haan, J. and Jansen, J.
Central bank policies after the crisis
S. Eijffinger and D. Masciandaro (eds.), Hawks and Doves: Deeds and Words. Economics and Politics of Monetary Policymaking,
Coenen, G., Ehrmann, M., Gaballo, G., Hoffmann, P., Nakov, A., Nardelli, S., Persson, E. and Strasser, G.
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,
2013
Berger, H., Ehrmann, M. and Fratzscher, M.
Extreme Views Make News
J.-E- Sturm and P. Siklos (eds.), Central Bank Communication, Decision Making and Governance,
2011
Born, B., Ehrmann, M. and Fratzscher, M.
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
Ehrmann, M. and Fratzscher, M.
Designing a Central Bank Communication Strategy
D. Mayes and G. Wood (eds.), Designing Central Banks,
2006
Angeloni, I. and Ehrmann, M.
Reasons and Implications of Inflation Differentials in the European Monetary Union
H. Berger and T. Moutos (eds.), Designing the New European Union,
2004
Ehrmann, M.
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
Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P. and Worms, A.
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
Cecchetti, S.G. and Ehrmann, M.
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,


Angeloni, I. and Ehrmann, M.
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,