Details about Michael Ehrmann

Workplace:

European Central Bank, (more information at EDIRC)

Access statistics for papers by Michael Ehrmann.

Last updated 2025-07-08. Update your information in the RePEc Author Service.

Short-id: peh4

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Working Papers

2025

1. Report on monetary policy tools, strategy and communication
   Occasional Paper Series, European Central Bank
2. Trust in Central Banks
   RBA Annual Conference Papers, Reserve Bank of Australia
   Also in Working Paper Series, European Central Bank (2024)

2023

3. Central Bank Communication by ??? The Economics of Public Policy Leaks
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Working Paper Series, European Central Bank (2023)
4. Credibility Gains from Communicating with the Public: Evidence from the ECB’s new Monetary Policy Strategy
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
5. Credibility gains from communicating with the public: evidence from the ECB’s new monetary policy strategy
   Working Paper Series, European Central Bank View citations (13)
6. Digitalisation and the economy
   Working Paper Series, European Central Bank View citations (1)
7. Information acquisition ahead of monetary policy announcements
   Working Paper Series, European Central Bank View citations (3)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
   Working papers, Banque de France (2022) View citations (3)
8. The effect of monetary policy on inflation heterogeneity along the income distribution
   BIS Working Papers, Bank for International Settlements View citations (3)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2023)
   Working Paper Series, European Central Bank (2023) View citations (2)

2022

9. Central Bank Communication with the General Public: Promise or False Hope?
   Working Papers, Princeton University, Department of Economics, Center for Economic Policy Studies. View citations (34)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2022) View citations (33)
   Working Paper Series, European Central Bank (2022) View citations (32)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
   Working Papers, DNB (2022) View citations (33)
   Working Papers, Princeton University. Economics Department. (2022) View citations (33)
   See also Journal Article Central Bank Communication with the General Public: Promise or False Hope?, Journal of Economic Literature, American Economic Association (2024) View citations (29) (2024)
10. Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB
    Research Technical Papers, Central Bank of Ireland View citations (3)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
    Working Paper Series, European Central Bank (2021) View citations (4)
    See also Journal Article Monetary Policy Communication: Perspectives from Former Policymakers at the ECB, Journal of Money, Credit and Banking, Blackwell Publishing (2024) View citations (2) (2024)
11. Voting Right Rotation, Behavior of Committee Members and Financial Market Reactions: Evidence from the U.S. Federal Open Market Committee
    IMF Working Papers, International Monetary Fund View citations (6)
    Also in Working Paper Series, European Central Bank (2021)

2021

12. Central Bank Communication with Non-Experts - A Road to Nowhere?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in Working Paper Series, European Central Bank (2021) View citations (10)
    See also Journal Article Central bank communication with non-experts – A road to nowhere?, Journal of Monetary Economics, Elsevier (2022) View citations (26) (2022)
13. Clear, consistent and engaging: ECB monetary policy communication in a changing world
    Occasional Paper Series, European Central Bank View citations (7)
14. Point Targets, Tolerance Bands, or Target Ranges? Inflation Target Types and the Anchoring of Inflation Expectations
    CESifo Working Paper Series, CESifo View citations (16)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
    Working Paper Series, European Central Bank (2021) View citations (16)
    See also Journal Article Point targets, tolerance bands or target ranges? Inflation target types and the anchoring of inflation expectations, Journal of International Economics, Elsevier (2021) View citations (11) (2021)
15. The ECB’s price stability framework: past experience, and current and future challenges
    Occasional Paper Series, European Central Bank View citations (21)
16. Voting right rotation, behavior of committee members and financial market reactions: Evidence from the U.S. Federal Open Market
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2020

17. Exploring Differences in Household Debt Across the United States and Euro Area Countries
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy (2017) View citations (8)
    See also Journal Article Exploring Differences in Household Debt across the United States and Euro Area Countries, Journal of Money, Credit and Banking, Blackwell Publishing (2021) View citations (7) (2021)
18. Stock Return Comovement when Investors are Distracted: More, and More Homogeneous
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    Also in Working Paper Series, European Central Bank (2020) View citations (2)
    See also Journal Article Stock return comovement when investors are distracted: More, and more homogeneous, Journal of International Money and Finance, Elsevier (2022) View citations (2) (2022)

2019

19. Can more public information raise uncertainty? The international evidence on forward guidance
    Working Paper Series, European Central Bank View citations (62)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019) View citations (58)
    See also Journal Article Can more public information raise uncertainty? The international evidence on forward guidance, Journal of Monetary Economics, Elsevier (2019) View citations (57) (2019)

2017

20. Communication of monetary policy in unconventional times
    Working Paper Series, European Central Bank View citations (136)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2017) View citations (107)
21. Financial inclusion: what’s it worth?
    Working Paper Series, European Central Bank View citations (1)
    Also in Staff Working Papers, Bank of Canada (2016) View citations (7)
22. Necessity as the mother of invention: monetary policy after the crisis
    Working Paper Series, European Central Bank View citations (125)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (17)
    See also Journal Article Necessity as the mother of invention: monetary policy after the crisis, Economic Policy, CEPR, CESifo, Sciences Po (2017) View citations (127) (2017)
23. Starting from a blank page? Semantic similarity in central bank communication and market volatility
    Working Paper Series, European Central Bank View citations (10)
    Also in Staff Working Papers, Bank of Canada (2016) View citations (25)
    See also Journal Article Starting from a blank page? Semantic similarity in central bank communication and market volatility, Journal of Monetary Economics, Elsevier (2020) View citations (62) (2020)

2015

24. Consumers' Attitudes and Their Inflation Expectations
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (5)
    See also Journal Article Consumers' Attitudes and Their Inflation Expectations, International Journal of Central Banking, International Journal of Central Banking (2017) View citations (67) (2017)
25. Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis
    Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research View citations (29)
    Also in Staff Working Papers, Bank of Canada (2015) View citations (32)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (32)
26. Exploring Differences in Household Debt Across Euro Area Countries and the United States
    Staff Working Papers, Bank of Canada View citations (19)
27. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling
    Working Papers, Barcelona School of Economics View citations (13)
    Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) View citations (40)
    See also Journal Article New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling, Journal of the European Economic Association, MIT Press (2006) View citations (115) (2006)

2014

28. Consumer Attitudes and the Epidemiology of Inflation Expectations
    Discussion Paper, Tilburg University, Center for Economic Research View citations (8)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (2014) View citations (8)
    Staff Working Papers, Bank of Canada (2014) View citations (8)
29. Household Risk Management and Actual Mortgage Choice in the Euro Area
    BCL working papers, Central Bank of Luxembourg View citations (25)
    Also in MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy (2014) View citations (22)
    Working Paper Series, European Central Bank (2014) View citations (21)
    Staff Working Papers, Bank of Canada (2014) View citations (22)
30. It Hurts (Stock Prices) When Your Team Is About to Lose a Soccer Match
    Staff Working Papers, Bank of Canada
    See also Journal Article It Hurts (Stock Prices) When Your Team is about to Lose a Soccer Match, Review of Finance, European Finance Association (2016) View citations (14) (2016)
31. Macroeconomic Experiences and Risk Taking of Euro Area Households
    Staff Working Papers, Bank of Canada View citations (12)
    Also in Working Paper Series, European Central Bank (2014) View citations (11)
    See also Journal Article Macroeconomic experiences and risk taking of euro area households, European Economic Review, Elsevier (2017) View citations (29) (2017)
32. Targeting Inflation from Below - How Do Inflation Expectations Behave?
    Staff Working Papers, Bank of Canada View citations (14)
    See also Journal Article Targeting Inflation from Below: How Do Inflation Expectations Behave?, International Journal of Central Banking, International Journal of Central Banking (2015) View citations (117) (2015)
33. The Global Crisis and Equity Market Contagion
    Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research View citations (327)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (139)
    Working Paper Series, European Central Bank (2011) View citations (104)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (128)
    See also Journal Article The Global Crisis and Equity Market Contagion, Journal of Finance, American Finance Association (2014) View citations (327) (2014)

2013

34. The Euro exchange rate during the European sovereign debt crisis � dancing to its own tune?
    Bank of Estonia Working Papers, Bank of Estonia View citations (12)
35. The euro exchange rate during the European sovereign debt crisis - dancing to its own tune?
    Working Paper Series, European Central Bank View citations (15)
    See also Journal Article The euro exchange rate during the European sovereign debt crisis – Dancing to its own tune?, Journal of International Money and Finance, Elsevier (2014) View citations (31) (2014)
36. The pricing of G7 sovereign bond spreads: the times, they are a-changin
    Working Paper Series, European Central Bank View citations (16)
    Also in MPRA Paper, University Library of Munich, Germany (2012) View citations (14)
    See also Journal Article The pricing of G7 sovereign bond spreads – The times, they are a-changin, Journal of Banking & Finance, Elsevier (2014) View citations (51) (2014)

2012

37. Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times
    Economics Series, Institute for Advanced Studies View citations (6)
    Also in Working Paper Series, European Central Bank (2012) View citations (7)
38. The pitch rather than the pit: investor inattention during FIFA world cup matches
    Working Paper Series, European Central Bank View citations (13)

2011

39. Central bank communication on financial stability
    NBP Working Papers, Narodowy Bank Polski View citations (26)
    Also in Working Paper Series, European Central Bank (2011) View citations (19)
    See also Journal Article Central Bank Communication on Financial Stability, Economic Journal, Royal Economic Society (2014) View citations (85) (2014)
40. Monetary Policy in the Media
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (85)
    Also in Working Paper Series, European Central Bank (2006) View citations (16)
    See also Journal Article Monetary Policy in the Media, Journal of Money, Credit and Banking, Blackwell Publishing (2011) View citations (87) (2011)

2010

41. Macroprudential policy and central bank communication
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (22)
    See also Chapter Macroprudential policy and central bank communication, BIS Papers chapters, Bank for International Settlements (2011) View citations (1) (2011)
42. Politics and Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    See also Journal Article Politics and Monetary Policy, The Review of Economics and Statistics, MIT Press (2011) View citations (35) (2011)
43. The Role of Central Bank Transparency for Guiding Private Sector Forecasts
    Other publications TiSEM, Tilburg University, School of Economics and Management View citations (18)
    Also in Working Paper Series, European Central Bank (2010) View citations (16)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (7)
    See also Journal Article The Role of Central Bank Transparency for Guiding Private Sector Forecasts, Scandinavian Journal of Economics, Wiley Blackwell (2012) View citations (115) (2012)

2009

44. CONVERGENCE AND ANCHORING OF YIELD CURVES IN THE EURO AREA
    2009 Meeting Papers, Society for Economic Dynamics View citations (1)
    Also in Working Paper Series, European Central Bank (2007) View citations (22)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (33)
    Working Paper Series, Federal Reserve Bank of San Francisco (2007) View citations (12)
    See also Journal Article Convergence and Anchoring of Yield Curves in the Euro Area, The Review of Economics and Statistics, MIT Press (2011) View citations (82) (2011)
45. Memories of high inflation
    Working Paper Series, European Central Bank View citations (6)
    See also Journal Article Memories of high inflation, European Journal of Political Economy, Elsevier (2012) View citations (56) (2012)
46. Survey data on household finance and consumption: research summary and policy use
    Occasional Paper Series, European Central Bank
47. The reception of public signals in financial markets - what if central bank communication becomes stale?
    Working Paper Series, European Central Bank View citations (9)
    Also in NBP Working Papers, Narodowy Bank Polski (2009) View citations (8)

2008

48. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
    Working Papers, Princeton University, Department of Economics, Center for Economic Policy Studies. View citations (875)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (1042)
    Working Paper Series, European Central Bank (2008) View citations (1046)
    Working Papers, Princeton University. Economics Department. (2008) View citations (239)
    See also Journal Article Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence, Journal of Economic Literature, American Economic Association (2008) View citations (1102) (2008)
49. Geography or skills: what explains Fed Wachters' forecast accuracy of US monetary policy?
    Discussion Papers, Free University Berlin, School of Business & Economics
    Also in Working Paper Series, European Central Bank (2006) View citations (4)
50. Purdah: on the rationale for central bank silence around policy meetings
    Working Paper Series, European Central Bank View citations (19)
    See also Journal Article Purdah-On the Rationale for Central Bank Silence around Policy Meetings, Journal of Money, Credit and Banking, Blackwell Publishing (2009) View citations (54) (2009)
51. The predictability of monetary policy
    Occasional Paper Series, European Central Bank View citations (27)

2007

52. Explaining monetary policy in press conferences
    Working Paper Series, European Central Bank View citations (19)
    See also Journal Article Explaining Monetary Policy in Press Conferences, International Journal of Central Banking, International Journal of Central Banking (2009) View citations (84) (2009)
53. Social value of public information: testing the limits to transparency
    Working Paper Series, European Central Bank View citations (20)

2006

54. Forecasting ECB Monetary Policy: Accuracy is (Still) a Matter of Geography
    IMF Working Papers, International Monetary Fund View citations (17)
    Also in Working Paper Series, European Central Bank (2006) View citations (24)
    Discussion Papers, Free University Berlin, School of Business & Economics (2006) View citations (17)
55. Global Financial Transmission of Monetary Policy Shocks
    CESifo Working Paper Series, CESifo View citations (38)
    Also in Working Paper Series, European Central Bank (2006) View citations (41)
    See also Journal Article Global Financial Transmission of Monetary Policy Shocks*, Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford (2009) View citations (133) (2009)
56. Inflation persistence and price-setting behaviour in the euro area: a summary of the IPN evidence
    Occasional Paper Series, European Central Bank View citations (182)
57. Inflation persistence and price-setting behaviour in the euro area: a summary of the Inflation Persistence Network evidence
    Working Paper Research, National Bank of Belgium View citations (139)
58. Rational inattention, inflation developments and perceptions after the euro cash changeover
    Working Paper Series, European Central Bank View citations (33)

2005

59. Communication and decision-making by central bank committees: different strategies, same effectiveness?
    Working Paper Series, European Central Bank View citations (62)
60. How should central banks communicate?
    Working Paper Series, European Central Bank View citations (56)
61. Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (91)
    Also in Working Paper Series, European Central Bank (2005) View citations (103)
    See also Journal Article Stocks, bonds, money markets and exchange rates: measuring international financial transmission, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (2011) View citations (205) (2011)
62. The timing of central bank communication
    Working Paper Series, European Central Bank View citations (8)
    See also Journal Article The timing of central bank communication, European Journal of Political Economy, Elsevier (2007) View citations (76) (2007)
63. Transparency, disclosure and the federal reserve
    Working Paper Series, European Central Bank View citations (18)
    See also Journal Article Transparency, Disclosure, and the Federal Reserve, International Journal of Central Banking, International Journal of Central Banking (2007) View citations (45) (2007)

2004

64. Equal size, equal role? Interdependence between the euro area and the United States
    Working Paper Series, European Central Bank View citations (26)
65. Equal size, equal role? interest rate interdependence between the euro area and the United States
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (12)
    Also in CFS Working Paper Series, Center for Financial Studies (CFS) (2003) View citations (1)
    See also Journal Article Equal Size, Equal Role? Interest Rate Interdependence Between the Euro Area and the United States, Economic Journal, Royal Economic Society (2005) View citations (147) (2005)
66. Euro area inflation differentials
    Working Paper Series, European Central Bank View citations (93)
    See also Journal Article Euro Area Inflation Differentials, The B.E. Journal of Macroeconomics, De Gruyter (2007) View citations (106) (2007)
67. Exchange rates and fundamentals: new evidence from real-time data
    Working Paper Series, European Central Bank View citations (17)
    See also Journal Article Exchange rates and fundamentals: new evidence from real-time data, Journal of International Money and Finance, Elsevier (2005) View citations (101) (2005)
68. Firm Size and Monetary Policy Transmission – Evidence from German Business Survey Data
    CESifo Working Paper Series, CESifo View citations (10)
    Also in Working Paper Series, European Central Bank (2000) View citations (30)
    Economics Working Papers, European University Institute (2000) View citations (23)
    See also Chapter Firm Size and Monetary Policy Transmission — Evidence from German Business Survey Data, Contributions to Economics, Springer (2005) View citations (1) (2005)
69. Taking stock: monetary policy transmission to equity markets
    Working Paper Series, European Central Bank View citations (276)

2003

70. Monetary policy transmission in the euro area: New evidence from micro data on firms and banks
    Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL View citations (53)
    Also in Post-Print, HAL (2003) View citations (50)
    See also Journal Article Monetary Policy Transmission in the Euro Area: New Evidence From Micro Data on Firms and Banks, Journal of the European Economic Association, MIT Press (2003) View citations (58) (2003)
71. Monetary policy transmission in the euro area: any changes after EMU?
    Working Paper Series, European Central Bank View citations (166)

2002

72. Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area
    Working papers, Banque de France View citations (13)
    Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2001) View citations (68)
    Working Papers, Banco de España (2001) View citations (170)
    Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2001) View citations (163)
    Working Paper Series, European Central Bank (2001) View citations (205)
73. Interdependence between the euro area and the US: what role for EMU?
    Working Paper Series, European Central Bank View citations (73)
    See also Journal Article Interdependence between the Euro area and the U.S.: what role for EMU?, Proceedings, Board of Governors of the Federal Reserve System (U.S.) (2003) View citations (12) (2003)

2001

74. Interbank Lending and Monetary Policy Transmission: Evidence for Germany
    Working Papers, Quebec a Montreal - Recherche en gestion View citations (24)
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2001) View citations (31)
    Working Paper Series, European Central Bank (2001) View citations (35)
75. Regime-dependent impulse response functions in a Markov-switching vector autoregression model
    Bank of Finland Research Discussion Papers, Bank of Finland
    See also Journal Article Regime-dependent impulse response functions in a Markov-switching vector autoregression model, Economics Letters, Elsevier (2003) View citations (156) (2003)
76. Uncertain Potential Output: Implications for Monetary Policy
    Computing in Economics and Finance 2001, Society for Computational Economics View citations (23)
    Also in Working Paper Series, European Central Bank (2001) View citations (24)
    Working Papers, Quebec a Montreal - Recherche en gestion (2001) View citations (39)
    See also Journal Article Uncertain potential output: implications for monetary policy, Journal of Economic Dynamics and Control, Elsevier (2003) View citations (106) (2003)

2000

77. Does Inflation Targeting Increase Output volatility? An International Comparison of Policy Maker's Preferences and Outcomes
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (32)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations (150)
    See also Chapter Does Inflation Targeting Increase Output Volatility?: An International Comparison of Policymakers' Preferences and Outcomes, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2002) View citations (54) (2002)
78. The Exchange Rate - A Shock-Absorber or Source of Shocks? A Study of Four Open Economies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (34)
    Also in EUI-RSCAS Working Papers, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS) (2000) View citations (36)
    See also Journal Article The exchange rate - A shock-absorber or source of shocks? A study of four open economies, Journal of International Money and Finance, Elsevier (2006) View citations (70) (2006)

Journal Articles

2025

1. Credibility gains from central bank communication with the public
   European Economic Review, 2025, 177, (C)

2024

2. Central Bank Communication with the General Public: Promise or False Hope?
   Journal of Economic Literature, 2024, 62, (2), 425-57 View citations (29)
   See also Working Paper Central Bank Communication with the General Public: Promise or False Hope?, Working Papers (2022) View citations (34) (2022)
3. Monetary Policy Communication: Perspectives from Former Policymakers at the ECB
   Journal of Money, Credit and Banking, 2024, 56, (4), 837-864 View citations (2)
   See also Working Paper Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB, Research Technical Papers (2022) View citations (3) (2022)
4. Shopping behavior and the effect of monetary policy on inflation heterogeneity along the income distribution
   Journal of Monetary Economics, 2024, 148, (C) View citations (3)

2022

5. Central bank communication with non-experts – A road to nowhere?
   Journal of Monetary Economics, 2022, 127, (C), 69-85 View citations (26)
   See also Working Paper Central Bank Communication with Non-Experts - A Road to Nowhere?, CEPR Discussion Papers (2021) (2021)
6. Monetary policy communication – past ECB policymakers commend Bank’s progress and call for more
   Research Bulletin, 2022, 93
7. Stock return comovement when investors are distracted: More, and more homogeneous
   Journal of International Money and Finance, 2022, 129, (C) View citations (2)
   See also Working Paper Stock Return Comovement when Investors are Distracted: More, and More Homogeneous, CEPR Discussion Papers (2020) View citations (2) (2020)

2021

8. Exploring Differences in Household Debt across the United States and Euro Area Countries
   Journal of Money, Credit and Banking, 2021, 53, (2-3), 477-501 View citations (7)
   See also Working Paper Exploring Differences in Household Debt Across the United States and Euro Area Countries, CEPR Discussion Papers (2020) (2020)
9. Point targets, tolerance bands or target ranges? Inflation target types and the anchoring of inflation expectations
   Journal of International Economics, 2021, 132, (C) View citations (11)
   See also Working Paper Point Targets, Tolerance Bands, or Target Ranges? Inflation Target Types and the Anchoring of Inflation Expectations, CESifo Working Paper Series (2021) View citations (16) (2021)

2020

10. Starting from a blank page? Semantic similarity in central bank communication and market volatility
    Journal of Monetary Economics, 2020, 111, (C), 48-62 View citations (62)
    See also Working Paper Starting from a blank page? Semantic similarity in central bank communication and market volatility, Working Paper Series (2017) View citations (10) (2017)
11. The European Systemic Risk Board – governance and early experience
    Journal of Economic Policy Reform, 2020, 23, (3), 290-308 View citations (1)

2019

12. Can more public information raise uncertainty? The international evidence on forward guidance
    Journal of Monetary Economics, 2019, 108, (C), 93-112 View citations (57)
    See also Working Paper Can more public information raise uncertainty? The international evidence on forward guidance, Working Paper Series (2019) View citations (62) (2019)
13. How to signal the future path of interest rates? The international evidence on forward guidance
    Research Bulletin, 2019, 61

2018

14. Measures of underlying inflation for the euro area
    Economic Bulletin Articles, 2018, 4 View citations (24)

2017

15. Consumers' Attitudes and Their Inflation Expectations
    International Journal of Central Banking, 2017, 13, (1), 225-259 View citations (67)
    See also Working Paper Consumers' Attitudes and Their Inflation Expectations, Finance and Economics Discussion Series (2015) View citations (5) (2015)
16. Euro area government bonds – Fragmentation and contagion during the sovereign debt crisis
    Journal of International Money and Finance, 2017, 70, (C), 26-44 View citations (75)
17. Macroeconomic experiences and risk taking of euro area households
    European Economic Review, 2017, 91, (C), 146-156 View citations (29)
    See also Working Paper Macroeconomic Experiences and Risk Taking of Euro Area Households, Staff Working Papers (2014) View citations (12) (2014)
18. Monetary Policy after the Crisis
    ifo DICE Report, 2017, 15, (01), 12-13 View citations (79)
19. Mortgage Choice in the Euro Area: Macroeconomic Determinants and the Effect of Monetary Policy on Debt Burdens
    Journal of Money, Credit and Banking, 2017, 49, (2-3), 469-494 View citations (14)
20. Necessity as the mother of invention: monetary policy after the crisis
    Economic Policy, 2017, 32, (92), 707-755 View citations (127)
    See also Working Paper Necessity as the mother of invention: monetary policy after the crisis, Working Paper Series (2017) View citations (125) (2017)
21. The Pitch Rather Than the Pit: Investor Inattention, Trading Activity, and FIFA World Cup Matches
    Journal of Money, Credit and Banking, 2017, 49, (4), 807-821 View citations (13)
22. What will monetary policy look like after the crisis?
    Research Bulletin, 2017, 39

2016

23. It Hurts (Stock Prices) When Your Team is about to Lose a Soccer Match
    Review of Finance, 2016, 20, (3), 1215-1233 View citations (14)
    See also Working Paper It Hurts (Stock Prices) When Your Team Is About to Lose a Soccer Match, Staff Working Papers (2014) (2014)

2015

24. Targeting Inflation from Below: How Do Inflation Expectations Behave?
    International Journal of Central Banking, 2015, 11, (4), 213-249 View citations (117)
    See also Working Paper Targeting Inflation from Below - How Do Inflation Expectations Behave?, Staff Working Papers (2014) View citations (14) (2014)

2014

25. Central Bank Communication on Financial Stability
    Economic Journal, 2014, 124, (577), 701-734 View citations (85)
    See also Working Paper Central bank communication on financial stability, NBP Working Papers (2011) View citations (26) (2011)
26. The Global Crisis and Equity Market Contagion
    Journal of Finance, 2014, 69, (6), 2597-2649 View citations (327)
    See also Working Paper The Global Crisis and Equity Market Contagion, Discussion Papers of DIW Berlin (2014) View citations (327) (2014)
27. The euro exchange rate during the European sovereign debt crisis – Dancing to its own tune?
    Journal of International Money and Finance, 2014, 49, (PB), 319-339 View citations (31)
    See also Working Paper The euro exchange rate during the European sovereign debt crisis - dancing to its own tune?, Working Paper Series (2013) View citations (15) (2013)
28. The pricing of G7 sovereign bond spreads – The times, they are a-changin
    Journal of Banking & Finance, 2014, 47, (C), 155-176 View citations (51)
    See also Working Paper The pricing of G7 sovereign bond spreads: the times, they are a-changin, Working Paper Series (2013) View citations (16) (2013)

2013

29. Dispersed communication by central bank committees and the predictability of monetary policy decisions
    Public Choice, 2013, 157, (1), 223-244 View citations (27)
30. Explaining European Union Citizens’ Trust in the European Central Bank in Normal and Crisis Times
    Scandinavian Journal of Economics, 2013, 115, (3), 781-807 View citations (93)

2012

31. Communicating About Macro-prudential Supervision – A New Challenge for Central Banks
    International Finance, 2012, 15, (2), 179-203 View citations (22)
32. Memories of high inflation
    European Journal of Political Economy, 2012, 28, (2), 174-191 View citations (56)
    See also Working Paper Memories of high inflation, Working Paper Series (2009) View citations (6) (2009)
33. The News Content of Macroeconomic Announcements: What if Central Bank Communication Becomes Stale?
    International Journal of Central Banking, 2012, 8, (3), 1-53 View citations (28)
34. The Role of Central Bank Transparency for Guiding Private Sector Forecasts
    Scandinavian Journal of Economics, 2012, 114, (3), 1018-1052 View citations (115)
    See also Working Paper The Role of Central Bank Transparency for Guiding Private Sector Forecasts, Other publications TiSEM (2010) View citations (18) (2010)

2011

35. Convergence and Anchoring of Yield Curves in the Euro Area
    The Review of Economics and Statistics, 2011, 93, (1), 350-364 View citations (82)
    See also Working Paper CONVERGENCE AND ANCHORING OF YIELD CURVES IN THE EURO AREA, 2009 Meeting Papers (2009) View citations (1) (2009)
36. Geography, skills or both: What explains Fed watchers' forecast accuracy of US monetary policy?
    Journal of Macroeconomics, 2011, 33, (3), 420-437 View citations (13)
37. Inflation Developments and Perceptions after the Euro Cash Changeover
    German Economic Review, 2011, 12, (1), 33-58 View citations (11)
    Also in German Economic Review, 2011, 12, (1), 33-58 (2011) View citations (24)
38. Monetary Policy in the Media
    Journal of Money, Credit and Banking, 2011, 43, (4), 689-709 View citations (87)
    Also in Journal of Money, Credit and Banking, 2011, 43, (4), 689-709 (2011) View citations (41)
    See also Working Paper Monetary Policy in the Media, CEPR Discussion Papers (2011) View citations (85) (2011)
39. Politics and Monetary Policy
    The Review of Economics and Statistics, 2011, 93, (3), 941-960 View citations (35)
    See also Working Paper Politics and Monetary Policy, CEPR Discussion Papers (2010) View citations (1) (2010)
40. Stocks, bonds, money markets and exchange rates: measuring international financial transmission
    Journal of Applied Econometrics, 2011, 26, (6), 948-974 View citations (205)
    See also Working Paper Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission, NBER Working Papers (2005) View citations (91) (2005)

2009

41. Explaining Monetary Policy in Press Conferences
    International Journal of Central Banking, 2009, 5, (2), 42-84 View citations (84)
    See also Working Paper Explaining monetary policy in press conferences, Working Paper Series (2007) View citations (19) (2007)
42. Forecasting ECB monetary policy: Accuracy is a matter of geography
    European Economic Review, 2009, 53, (8), 1028-1041 View citations (40)
43. Global Financial Transmission of Monetary Policy Shocks*
    Oxford Bulletin of Economics and Statistics, 2009, 71, (6), 739-759 View citations (133)
    See also Working Paper Global Financial Transmission of Monetary Policy Shocks, CESifo Working Paper Series (2006) View citations (38) (2006)
44. Purdah-On the Rationale for Central Bank Silence around Policy Meetings
    Journal of Money, Credit and Banking, 2009, 41, (2-3), 517-528 View citations (54)
    Also in Journal of Money, Credit and Banking, 2009, 41, (2‐3), 517-528 (2009) View citations (19)
    See also Working Paper Purdah: on the rationale for central bank silence around policy meetings, Working Paper Series (2008) View citations (19) (2008)

2008

45. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence
    Journal of Economic Literature, 2008, 46, (4), 910-45 View citations (1102)
    See also Working Paper Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence, Working Papers (2008) View citations (875) (2008)

2007

46. Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?
    Journal of Money, Credit and Banking, 2007, 39, (2-3), 509-541 View citations (285)
    Also in Journal of Money, Credit and Banking, 2007, 39, (2‐3), 509-541 (2007) View citations (93)
47. Euro Area Inflation Differentials
    The B.E. Journal of Macroeconomics, 2007, 7, (1), 36 View citations (106)
    See also Working Paper Euro area inflation differentials, Working Paper Series (2004) View citations (93) (2004)
48. The timing of central bank communication
    European Journal of Political Economy, 2007, 23, (1), 124-145 View citations (76)
    See also Working Paper The timing of central bank communication, Working Paper Series (2005) View citations (8) (2005)
49. Transparency, Disclosure, and the Federal Reserve
    International Journal of Central Banking, 2007, 3, (1), 179-225 View citations (45)
    See also Working Paper Transparency, disclosure and the federal reserve, Working Paper Series (2005) View citations (18) (2005)

2006

50. Central bank communication
    Research Bulletin, 2006, 5, 2-5 View citations (14)
51. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling
    Journal of the European Economic Association, 2006, 4, (2-3), 562-574 View citations (115)
    See also Working Paper New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling, Working Papers (2015) View citations (13) (2015)
52. The exchange rate - A shock-absorber or source of shocks? A study of four open economies
    Journal of International Money and Finance, 2006, 25, (6), 874-893 View citations (70)
    See also Working Paper The Exchange Rate - A Shock-Absorber or Source of Shocks? A Study of Four Open Economies, CEPR Discussion Papers (2000) View citations (34) (2000)

2005

53. Equal Size, Equal Role? Interest Rate Interdependence Between the Euro Area and the United States
    Economic Journal, 2005, 115, (506), 928-948 View citations (147)
    See also Working Paper Equal size, equal role? interest rate interdependence between the euro area and the United States, International Finance Discussion Papers (2004) View citations (12) (2004)
54. Exchange rates and fundamentals: new evidence from real-time data
    Journal of International Money and Finance, 2005, 24, (2), 317-341 View citations (101)
    See also Working Paper Exchange rates and fundamentals: new evidence from real-time data, Working Paper Series (2004) View citations (17) (2004)

2004

55. Bank Networks and Monetary Policy Transmission
    Journal of the European Economic Association, 2004, 2, (6), 1148-1171 View citations (79)
56. Monetary transmission in diverse economies, Lavan Mahadeva and Peter Sinclair (eds.), Cambridge University Press, Cambridge, 2002
    International Journal of Finance & Economics, 2004, 9, (1), 81-82

2003

57. Interdependence between the Euro area and the U.S.: what role for EMU?
    Proceedings, 2003 View citations (12)
    See also Working Paper Interdependence between the euro area and the US: what role for EMU?, Working Paper Series (2002) View citations (73) (2002)
58. Monetary Policy Announcements and Money Markets: A Transatlantic Perspective
    International Finance, 2003, 6, (3), 309-328 View citations (59)
59. Monetary Policy Transmission in the Euro Area: New Evidence From Micro Data on Firms and Banks
    Journal of the European Economic Association, 2003, 1, (2-3), 731-742 View citations (58)
    See also Working Paper Monetary policy transmission in the euro area: New evidence from micro data on firms and banks, Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) (2003) View citations (53) (2003)
60. Monetary transmission in the euro area: early evidence
    (Micro effects of macro announcements: real-time price discovery in foreign exchange)
    Economic Policy, 2003, 18, (37), 469-501 View citations (63)
61. Regime-dependent impulse response functions in a Markov-switching vector autoregression model
    Economics Letters, 2003, 78, (3), 295-299 View citations (156)
    See also Working Paper Regime-dependent impulse response functions in a Markov-switching vector autoregression model, Bank of Finland Research Discussion Papers (2001) (2001)
62. The Effects of Monetary Policy in the Euro Area
    Oxford Review of Economic Policy, 2003, 19, (1), 58-72 View citations (64)
63. Uncertain potential output: implications for monetary policy
    Journal of Economic Dynamics and Control, 2003, 27, (9), 1611-1638 View citations (106)
    See also Working Paper Uncertain Potential Output: Implications for Monetary Policy, Computing in Economics and Finance 2001 (2001) View citations (23) (2001)

2000

64. Comparing monetary policy transmission across European countries
    Review of World Economics (Weltwirtschaftliches Archiv), 2000, 136, (1), 58-83 View citations (70)

Chapters

2011

1. How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument
   Chapter 9 in Handbook of Central Banking, Financial Regulation and Supervision, 2011 View citations (2)
2. Macroprudential policy and central bank communication
   A chapter in Macroprudential regulation and policy, 2011, vol. 60, pp 107-110 View citations (1)
   See also Working Paper Macroprudential policy and central bank communication, C.E.P.R. Discussion Papers (2010) View citations (22) (2010)

2006

3. Reasons and Implications of Inflation Differentials Within the European Monetary Union
   A chapter in Designing the New European Union, 2006, pp 231-253
4. The Euro and the Transmission of Monetary Policy
   Chapter 7 in Long-run Growth and Short-run Stabilization, 2006 View citations (4)

2005

5. Firm Size and Monetary Policy Transmission — Evidence from German Business Survey Data
   Springer View citations (1)
   See also Working Paper Firm Size and Monetary Policy Transmission – Evidence from German Business Survey Data, CESifo (2004) View citations (10) (2004)

2002

6. Does Inflation Targeting Increase Output Volatility?: An International Comparison of Policymakers' Preferences and Outcomes
   Chapter 9 in Monetary Policy: Rules and Transmission Mechanisms, 2002, vol. 4, pp 247-274 View citations (54)
   See also Working Paper Does Inflation Targeting Increase Output volatility? An International Comparison of Policy Maker's Preferences and Outcomes, Central Bank of Chile (2000) View citations (32) (2000)