Michael Ehrmann
Banque centrale du Luxembourg Stiftungsprofessor für Central Banking • Professor
Banque centrale du Luxembourg Stiftungsprofessor für Central Banking
Michael Ehrmann is the Banque centrale du Luxembourg Professor of Central Banking at the Frankfurt School of Finance & Management—where he is affiliated with the Centre for Central Banking—and a research fellow at the CEPR. In addition, he currently serves as Vice President of the Central Bank Research Association and is a Visiting Scholar at the Bank of Canada. Prior to joining the Frankfurt School of Finance & Management, he was Head of Monetary Policy Research at the European Central Bank and Managing Director of Economic and Financial Research at the Bank of Canada. He holds a Ph.D. in Economics from the European University Institute. Michael’s research focuses on monetary policy, central bank communication, international finance and household finance. It has been published, among others, in the Journal of Finance, the Journal of Monetary Economics, the Review of Economics and Statistics and the Journal of Economic Literature.
- Economics & Law Department
- Professor
- Faculty
PUBLICATIONS
Ehrmann, M., Georgarakos, D., Kenny, G., 2025. Credibility Gains from Communicating with the Public, European Economic Review Vol. 117(105069).
Ehrmann, M., 2025. Trust in Central Banks, Journal of Economic Surveys. (forthcoming)
Blinder, A., Ehrmann, M., de Haan, J., Jansen, D., 2024. Central Bank Communication with the General Public: Promise or False Hope?, Journal of Economic Literature Vol. 62(2), pp. 425-457.
Ehrmann, M., Holton, S., Kedan, D., Phelan, G., 2024. Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB, Journal of Money, Credit and Banking Vol. 56(4), pp. 837-864.
Ampudia, M., Ehrmann, M., Strasser, G., 2024. Shopping behavior and the effect of monetary policy on inflation heterogeneity along the income distribution, Journal of Monetary Economics Vol. 148(103618).
Ehrmann, M., Wabitsch, A., 2022. Central Bank Communication with Non-Experts: A Road to Nowhere?, Journal of Monetary Economics Vol. 127, pp. 69-85.
Ehrmann, M., Jansen, D., 2022. Stock Return Comovement when Investors are Distracted: More, and More Homogeneous, Journal of International Money and Finance Vol. 129(102742).
Christelis, D., Ehrmann, M., Georgarakos, D., 2021. Exploring Differences in Household Debt across the United States and Euro Area Countries, Journal of Money, Credit and Banking Vol. 53(2-3), pp. 477-501.
Ehrmann, M., 2021. Point targets, tolerance bands or target ranges?: Inflation target types and the anchoring of inflation expectations, Journal of International Economics Vol. 132(103514).
Ehrmann, M., Talmi, J., 2020. Starting from a blank page? Semantic similarity in central bank communication and market volatility, Journal of Monetary Economics Vol. 111, pp. 48-62.
Ehrmann, M., Gaballo, G., Hoffmann, P., Strasser, G., 2019. Can more public information raise uncertainty? The international evidence on forward guidance, Journal of Monetary Economics Vol. 108, pp. 93-112.
Ehrmann, M., Schure, P., 2019. The European Systemic Risk Board - governance and early experience, Journal of Economic Policy Reform Vol. 23(3), pp. 290-308.
Ehrmann, M., Pfajfar, D., Santoro, E., 2017. Consumers' Attitudes and their Inflation Expectations, International Journal of Central Banking Vol. 13(1), pp. 225-259.
Ehrmann, M., Fratzscher, M., 2017. Euro area government bonds - Fragmentation and contagion during the sovereign debt crisis, Journal of International Money and Finance Vol. 70, pp. 26-44.
Ampudia, M., Ehrmann, M., 2017. Macroeconomic experiences and risk taking of euro area households, European Economic Review Vol. 91, pp. 146-156.
Ehrmann, M., Ziegelmeyer, M., 2017. Mortgage Choice in the Euro Area: Macroeconomic Determinants and the Effect of Monetary Policy on Debt Burdens, Journal of Money, Credit and Banking Vol. 49(2-3), pp. 469-494.
Blinder, A., Ehrmann, M., de Haan, J., Jansen, D., 2017. Necessity as the Mother of Invention: Monetary Policy after the Crisis, Economic Policy Vol. 32(92), pp. 707-755.
Ehrmann, M., Jansen, D., 2017. The Pitch Rather Than the Pit: Investor Inattention, Trading Activity, and FIFA World Cup Matches, Journal of Money, Credit and Banking Vol. 49(4), pp. 807-821.
Ehrmann, M., Jansen, D., 2016. It Hurts (Stock Prices) When Your Team is about to Lose a Soccer Match, Review of Finance Vol. 20(3), pp. 1215-1233.
Ehrmann, M., 2015. Targeting Inflation from Below: How do Inflation Expectations Behave?, International Journal of Central Banking Vol. 11, pp. 213-249.
Bekaert, G., Ehrmann, M., Fratzscher, M., Mehl, A., 2015. The Global Crisis and Equity Market Contagion, Journal of Finance Vol. 69(6), pp. 2597-2649.
Born, B., Ehrmann, M., Fratzscher, M., 2014. Central Bank Communication on Financial Stability, The Economic Journal Vol. 124(577), pp. 701-734.
Ehrmann, M., Osbat, C., Stráský, J., Uusküla, L., 2014. The euro exchange rate during the European sovereign debt crisis - Dancing to its own tune?, Journal of International Money and Finance Vol. 49(Part B), pp. 319-339.
D'Agostino, A., Ehrmann, M., 2014. The pricing of G7 sovereign bond spreads - The times, they are a-changin, Journal of Banking and Finance Vol. 47, pp. 155-176.
Ehrmann, M., Fratzscher, M., 2013. Dispersed communication by central bank committees and the predictability of monetary policy decisions, Public Choice Vol. 157(1), pp. 223-244.
Ehrmann, M., Soudan, M., Stracca, L., 2013. Explaining European Union Citizens' Trust in the European Central Bank in Normal and Crisis Times, Scandinavian Journal of Economics Vol. 115(3), pp. 781-807.
Born, B., Ehrmann, M., Fratzscher, M., 2012. Communicating About Macro-prudential Supervision - A New Challenge for Central Banks, International Finance Vol. 15(2), pp. 179-203.
Ehrmann, M., Tzamourani, P., 2012. Memories of high inflation, European Journal of Political Economy Vol. 28(2), pp. 174-191.
Ehrmann, M., Sondermann, D., 2012. The News Content of Macroeconomic Announcements: What if Central Bank Communication Becomes Stale?, International Journal of Central Banking Vol. 8(3), pp. 1-53.
Ehrmann, M., Eijffinger, S., Fratzscher, M., 2012. The Role of Central Bank Transparency for Guiding Private Sector Forecasts, Scandinavian Journal of Economics Vol. 114(3), pp. 1018-1052.
Ehrmann, M., Fratzscher, M., Gürkaynak, R., Swanson, E., 2011. Convergence and Anchoring of Yield Curves in the Euro Area, The Review of Economics and Statistics Vol. 93(1), pp. 350-364.
Berger, H., Ehrmann, M., Fratzscher, M., 2011. Geography, skills or both: What explains Fed watchers' forecast accuracy of US monetary policy?, Journal of Macroeconomics Vol. 33(3), pp. 420-437.
Ehrmann, M., 2011. Inflation Developments and Perceptions after the Euro Cash Changeover, German Economic Review Vol. 12(1), pp. 33-58.
Berger, H., Ehrmann, M., Fratzscher, M., 2011. Monetary Policy in the Media, Journal of Money, Credit and Banking Vol. 43(4), pp. 689-709.
Ehrmann, M., Fratzscher, M., 2011. Politics and Monetary Policy, The Review of Economics and Statistics Vol. 93(3), pp. 941-960.
Ehrmann, M., Fratzscher, M., Rigobon, R., 2011. Stocks, bonds, money markets and exchange rates: measuring international financial transmission, Journal of Applied Econometrics Vol. 26(6), pp. 948-974.
Ehrmann, M., Fratzscher, M., 2009. Explaining Monetary Policy in Press Conferences, International Journal of Central Banking Vol. 5(2), pp. 41-84.
Berger, H., Ehrmann, M., Fratzscher, M., 2009. Forecasting ECB monetary policy: Accuracy is a matter of geography, European Economic Review Vol. 53(8), pp. 1028-1041.
Ehrmann, M., Fratzscher, M., 2009. Global Financial Transmission of Monetary Policy Shocks, Oxford Bulletin of Economics and Statistics Vol. 71(6), pp. 739-759.
Ehrmann, M., Fratzscher, M., 2009. Purdah - On the Rationale for Central Bank Silence around Policy Meetings, Journal of Money, Credit and Banking Vol. 41(2-3), pp. 517-528.
Blinder, A., Ehrmann, M., Fratzscher, M., de Haan, J., Jansen, D., 2008. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence, Journal of Economic Literature Vol. 46(4), pp. 910-945.
Ehrmann, M., Fratzscher, M., 2007. Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?, Journal of Money, Credit and Banking Vol. 39(2-3), pp. 509-541.
Angeloni, I., Ehrmann, M., 2007. Euro Area Inflation Differentials, B.E. Journal of Macroeconomics: Advances in Macroeconomics Vol. 7(1, Art. 24).
Ehrmann, M., Fratzscher, M., 2007. The timing of central bank communication, European Journal of Political Economy Vol. 23(1), pp. 124-145.
Ehrmann, M., Fratzscher, M., 2007. Transparency, Disclosure and the Federal Reserve, International Journal of Central Banking Vol. 3(1), pp. 179-225.
Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A., Smets, F., 2006. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling, Journal of the European Economic Association Vol. 4(2-3), pp. 562-574.
Artis, M., Ehrmann, M., 2006. The exchange rate - A shock-absorber or source of shocks? A study of four open economies, Journal of International Money and Finance Vol. 25(6), pp. 874-893.
Ehrmann, M., Fratzscher, M., 2005. Equal Size, Equal Role? Interest Rate Interdependence Between the Euro area and the United States, The Economic Journal Vol. 115(506), pp. 928-948.
Ehrmann, M., Fratzscher, M., 2005. Exchange rates and fundamentals: new evidence from real-time data, Journal of International Money and Finance Vol. 24(2), pp. 317-341.
Ehrmann, M., Worms, A., 2004. Bank Networks and Monetary Policy Transmission, Journal of the European Economic Association Vol. 2(6), pp. 1148-1171.
Ehrmann, M., Fratzscher, M., 2004. Taking Stock: Monetary Policy Transmission to Equity Markets, Journal of Money, Credit and Banking Vol. 36(4), pp. 719-737.
Ehrmann, M., Fratzscher, M., 2003. Monetary Policy Announcements and Money Markets: A Transatlantic Perspective, International Finance Vol. 6(3), pp. 309-328.
Chatelain, J., Ehrmann, M., Generale, M., Martínez-Pagés, J., Vermeulen, P., Worms, A., 2003. Monetary Policy Transmission in the Euro Area: New Evidence from Micro Data on Firms and Banks, Journal of the European Economic Association Vol. 1(2-3), pp. 731-742.
Angeloni, I., Ehrmann, M., 2003. Monetary transmission in the euro area: early evidence, Economic Policy Vol. 18(37), pp. 469-501.
Ehrmann, M., Ellison, M., Valla, N., 2003. Regime-Dependent Impulse Response Functions in a Markov-Switching Vector Autoregression Model, Economics Letters Vol. 78(3), pp. 295-299.
Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P., Worms, A., 2003. The Effects of Monetary Policy in the Euro Area, Oxford Review of Economic Policy Vol. 19(1), pp. 58-72.
Ehrmann, M., Smets, F., 2003. Uncertain potential output: implications for monetary policy, Journal of Economic Dynamics and Control Vol. 27(9), pp. 1611-1638.
Ehrmann, M., 2000. Comparing Monetary Policy Transmission Across European Countries, Weltwirtschaftliches Archiv Vol. 136(1), pp. 58-83.
Ehrmann, M., 2025. Trust in Central Banks, Journal of Economic Surveys. (forthcoming)
Blinder, A., Ehrmann, M., de Haan, J., Jansen, D., 2024. Central Bank Communication with the General Public: Promise or False Hope?, Journal of Economic Literature Vol. 62(2), pp. 425-457.
Ehrmann, M., Holton, S., Kedan, D., Phelan, G., 2024. Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB, Journal of Money, Credit and Banking Vol. 56(4), pp. 837-864.
Ampudia, M., Ehrmann, M., Strasser, G., 2024. Shopping behavior and the effect of monetary policy on inflation heterogeneity along the income distribution, Journal of Monetary Economics Vol. 148(103618).
Ehrmann, M., Wabitsch, A., 2022. Central Bank Communication with Non-Experts: A Road to Nowhere?, Journal of Monetary Economics Vol. 127, pp. 69-85.
Ehrmann, M., Jansen, D., 2022. Stock Return Comovement when Investors are Distracted: More, and More Homogeneous, Journal of International Money and Finance Vol. 129(102742).
Christelis, D., Ehrmann, M., Georgarakos, D., 2021. Exploring Differences in Household Debt across the United States and Euro Area Countries, Journal of Money, Credit and Banking Vol. 53(2-3), pp. 477-501.
Ehrmann, M., 2021. Point targets, tolerance bands or target ranges?: Inflation target types and the anchoring of inflation expectations, Journal of International Economics Vol. 132(103514).
Ehrmann, M., Talmi, J., 2020. Starting from a blank page? Semantic similarity in central bank communication and market volatility, Journal of Monetary Economics Vol. 111, pp. 48-62.
Ehrmann, M., Gaballo, G., Hoffmann, P., Strasser, G., 2019. Can more public information raise uncertainty? The international evidence on forward guidance, Journal of Monetary Economics Vol. 108, pp. 93-112.
Ehrmann, M., Schure, P., 2019. The European Systemic Risk Board - governance and early experience, Journal of Economic Policy Reform Vol. 23(3), pp. 290-308.
Ehrmann, M., Pfajfar, D., Santoro, E., 2017. Consumers' Attitudes and their Inflation Expectations, International Journal of Central Banking Vol. 13(1), pp. 225-259.
Ehrmann, M., Fratzscher, M., 2017. Euro area government bonds - Fragmentation and contagion during the sovereign debt crisis, Journal of International Money and Finance Vol. 70, pp. 26-44.
Ampudia, M., Ehrmann, M., 2017. Macroeconomic experiences and risk taking of euro area households, European Economic Review Vol. 91, pp. 146-156.
Ehrmann, M., Ziegelmeyer, M., 2017. Mortgage Choice in the Euro Area: Macroeconomic Determinants and the Effect of Monetary Policy on Debt Burdens, Journal of Money, Credit and Banking Vol. 49(2-3), pp. 469-494.
Blinder, A., Ehrmann, M., de Haan, J., Jansen, D., 2017. Necessity as the Mother of Invention: Monetary Policy after the Crisis, Economic Policy Vol. 32(92), pp. 707-755.
Ehrmann, M., Jansen, D., 2017. The Pitch Rather Than the Pit: Investor Inattention, Trading Activity, and FIFA World Cup Matches, Journal of Money, Credit and Banking Vol. 49(4), pp. 807-821.
Ehrmann, M., Jansen, D., 2016. It Hurts (Stock Prices) When Your Team is about to Lose a Soccer Match, Review of Finance Vol. 20(3), pp. 1215-1233.
Ehrmann, M., 2015. Targeting Inflation from Below: How do Inflation Expectations Behave?, International Journal of Central Banking Vol. 11, pp. 213-249.
Bekaert, G., Ehrmann, M., Fratzscher, M., Mehl, A., 2015. The Global Crisis and Equity Market Contagion, Journal of Finance Vol. 69(6), pp. 2597-2649.
Born, B., Ehrmann, M., Fratzscher, M., 2014. Central Bank Communication on Financial Stability, The Economic Journal Vol. 124(577), pp. 701-734.
Ehrmann, M., Osbat, C., Stráský, J., Uusküla, L., 2014. The euro exchange rate during the European sovereign debt crisis - Dancing to its own tune?, Journal of International Money and Finance Vol. 49(Part B), pp. 319-339.
D'Agostino, A., Ehrmann, M., 2014. The pricing of G7 sovereign bond spreads - The times, they are a-changin, Journal of Banking and Finance Vol. 47, pp. 155-176.
Ehrmann, M., Fratzscher, M., 2013. Dispersed communication by central bank committees and the predictability of monetary policy decisions, Public Choice Vol. 157(1), pp. 223-244.
Ehrmann, M., Soudan, M., Stracca, L., 2013. Explaining European Union Citizens' Trust in the European Central Bank in Normal and Crisis Times, Scandinavian Journal of Economics Vol. 115(3), pp. 781-807.
Born, B., Ehrmann, M., Fratzscher, M., 2012. Communicating About Macro-prudential Supervision - A New Challenge for Central Banks, International Finance Vol. 15(2), pp. 179-203.
Ehrmann, M., Tzamourani, P., 2012. Memories of high inflation, European Journal of Political Economy Vol. 28(2), pp. 174-191.
Ehrmann, M., Sondermann, D., 2012. The News Content of Macroeconomic Announcements: What if Central Bank Communication Becomes Stale?, International Journal of Central Banking Vol. 8(3), pp. 1-53.
Ehrmann, M., Eijffinger, S., Fratzscher, M., 2012. The Role of Central Bank Transparency for Guiding Private Sector Forecasts, Scandinavian Journal of Economics Vol. 114(3), pp. 1018-1052.
Ehrmann, M., Fratzscher, M., Gürkaynak, R., Swanson, E., 2011. Convergence and Anchoring of Yield Curves in the Euro Area, The Review of Economics and Statistics Vol. 93(1), pp. 350-364.
Berger, H., Ehrmann, M., Fratzscher, M., 2011. Geography, skills or both: What explains Fed watchers' forecast accuracy of US monetary policy?, Journal of Macroeconomics Vol. 33(3), pp. 420-437.
Ehrmann, M., 2011. Inflation Developments and Perceptions after the Euro Cash Changeover, German Economic Review Vol. 12(1), pp. 33-58.
Berger, H., Ehrmann, M., Fratzscher, M., 2011. Monetary Policy in the Media, Journal of Money, Credit and Banking Vol. 43(4), pp. 689-709.
Ehrmann, M., Fratzscher, M., 2011. Politics and Monetary Policy, The Review of Economics and Statistics Vol. 93(3), pp. 941-960.
Ehrmann, M., Fratzscher, M., Rigobon, R., 2011. Stocks, bonds, money markets and exchange rates: measuring international financial transmission, Journal of Applied Econometrics Vol. 26(6), pp. 948-974.
Ehrmann, M., Fratzscher, M., 2009. Explaining Monetary Policy in Press Conferences, International Journal of Central Banking Vol. 5(2), pp. 41-84.
Berger, H., Ehrmann, M., Fratzscher, M., 2009. Forecasting ECB monetary policy: Accuracy is a matter of geography, European Economic Review Vol. 53(8), pp. 1028-1041.
Ehrmann, M., Fratzscher, M., 2009. Global Financial Transmission of Monetary Policy Shocks, Oxford Bulletin of Economics and Statistics Vol. 71(6), pp. 739-759.
Ehrmann, M., Fratzscher, M., 2009. Purdah - On the Rationale for Central Bank Silence around Policy Meetings, Journal of Money, Credit and Banking Vol. 41(2-3), pp. 517-528.
Blinder, A., Ehrmann, M., Fratzscher, M., de Haan, J., Jansen, D., 2008. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence, Journal of Economic Literature Vol. 46(4), pp. 910-945.
Ehrmann, M., Fratzscher, M., 2007. Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?, Journal of Money, Credit and Banking Vol. 39(2-3), pp. 509-541.
Angeloni, I., Ehrmann, M., 2007. Euro Area Inflation Differentials, B.E. Journal of Macroeconomics: Advances in Macroeconomics Vol. 7(1, Art. 24).
Ehrmann, M., Fratzscher, M., 2007. The timing of central bank communication, European Journal of Political Economy Vol. 23(1), pp. 124-145.
Ehrmann, M., Fratzscher, M., 2007. Transparency, Disclosure and the Federal Reserve, International Journal of Central Banking Vol. 3(1), pp. 179-225.
Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A., Smets, F., 2006. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling, Journal of the European Economic Association Vol. 4(2-3), pp. 562-574.
Artis, M., Ehrmann, M., 2006. The exchange rate - A shock-absorber or source of shocks? A study of four open economies, Journal of International Money and Finance Vol. 25(6), pp. 874-893.
Ehrmann, M., Fratzscher, M., 2005. Equal Size, Equal Role? Interest Rate Interdependence Between the Euro area and the United States, The Economic Journal Vol. 115(506), pp. 928-948.
Ehrmann, M., Fratzscher, M., 2005. Exchange rates and fundamentals: new evidence from real-time data, Journal of International Money and Finance Vol. 24(2), pp. 317-341.
Ehrmann, M., Worms, A., 2004. Bank Networks and Monetary Policy Transmission, Journal of the European Economic Association Vol. 2(6), pp. 1148-1171.
Ehrmann, M., Fratzscher, M., 2004. Taking Stock: Monetary Policy Transmission to Equity Markets, Journal of Money, Credit and Banking Vol. 36(4), pp. 719-737.
Ehrmann, M., Fratzscher, M., 2003. Monetary Policy Announcements and Money Markets: A Transatlantic Perspective, International Finance Vol. 6(3), pp. 309-328.
Chatelain, J., Ehrmann, M., Generale, M., Martínez-Pagés, J., Vermeulen, P., Worms, A., 2003. Monetary Policy Transmission in the Euro Area: New Evidence from Micro Data on Firms and Banks, Journal of the European Economic Association Vol. 1(2-3), pp. 731-742.
Angeloni, I., Ehrmann, M., 2003. Monetary transmission in the euro area: early evidence, Economic Policy Vol. 18(37), pp. 469-501.
Ehrmann, M., Ellison, M., Valla, N., 2003. Regime-Dependent Impulse Response Functions in a Markov-Switching Vector Autoregression Model, Economics Letters Vol. 78(3), pp. 295-299.
Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P., Worms, A., 2003. The Effects of Monetary Policy in the Euro Area, Oxford Review of Economic Policy Vol. 19(1), pp. 58-72.
Ehrmann, M., Smets, F., 2003. Uncertain potential output: implications for monetary policy, Journal of Economic Dynamics and Control Vol. 27(9), pp. 1611-1638.
Ehrmann, M., 2000. Comparing Monetary Policy Transmission Across European Countries, Weltwirtschaftliches Archiv Vol. 136(1), pp. 58-83.
Blinder, A., Ehrmann, M., de Haan, J., Jansen, D., 2018, Central bank policies after the crisis, in: Sylvester Eijffinger, Donato Masciandaro (eds): Hawks and Doves: Deeds and Words, London: CEPR, pp. 97-104.
Coenen, G., Ehrmann, M., Gaballo, G., Hoffmann, P., Nakov, A., Nardelli, S., Persson, E., Strasser, G., 2018, More, and more forward-looking: Central bank communication after the crisis, in: Sylvester Eijffinger, Donato Masciandaro (eds): Hawks and Doves: Deeds and Words, London: CEPR, pp. 97-104.
Blinder, A., Ehrmann, M., Fratzscher, M., de Haan, J., Jansen, D., 2014, Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence ; Reprint, in: Sylvester Eijffinger, Donato Masciandaro (eds): Modern Monetary Policy and Central Bank Governance, Cheltenham: Edward Elgar Publ.
Berger, H., Ehrmann, M., Fratzscher, M., 2013, Extreme Views Make News, in: Pierrre L. Siklos, Jan-Egbert Sturm (eds): Central Bank Communication, Decision Making and Governance, Cambridge:: MIT Press, pp. 113-120.
Born, B., Ehrmann, M., Fratzscher, M., 2013, How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument, in: Sylvester Eijffinger, Donato Masciandaro (eds): Handbook of Central Banking, Financial Regulation and Supervision After the Financial Crisis, Cheltenham: Edward Elgar, pp. 244-267.
Ehrmann, M., Fratzscher, M., 2009, Designing a Central Bank Communication Strategy, in: David Mayes, Geoffrey Wood (eds): Designing Central Banks, London: Routledge, pp. 170-192.
Angeloni, I., Ehrmann, M., 2006, Euro Area Inflation Differentials, in: Helge Berger, Thomas Moutos (eds): Designing the New European Union, Amsterdam: Elsevier, pp. 231-253.
Angeloni, I., Ehrmann, M., 2006, The Euro and the Transmission of Monetary Policy: Any Changes After EMU?, in: Lawrence Klein (ed): Long-Run Growth and Short-Run Stabilization: Essays in Honor of Albert Ando, Cheltenham: Edward Elgar, pp. 161-206.
Ehrmann, M., 2004, Firm Size and Monetary Policy Transmission: Evidence from German Business Survey Data, in: Jan-Egbert Sturm, Timo Wollmershäuser (eds): Ifo Survey Data in Business Cycle and Monetary Policy Analysis, Heidelberg: Physica, pp. 145-172.
Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P., Worms, A., 2003, Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area, in: Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon (eds): Monetary Policy Transmission in the Euro Area, Cambridge: Cambridge University Press, pp. 235-269.
Cecchetti,, S., Ehrmann, M., 2002, Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes, in: Norman Loayza, Klaus Schmidt- Hebbel (eds): Monetary Policy: Rules and Transmission Mechanisms, Santiago: Central Bank of Chile, pp. 247-274.
Coenen, G., Ehrmann, M., Gaballo, G., Hoffmann, P., Nakov, A., Nardelli, S., Persson, E., Strasser, G., 2018, More, and more forward-looking: Central bank communication after the crisis, in: Sylvester Eijffinger, Donato Masciandaro (eds): Hawks and Doves: Deeds and Words, London: CEPR, pp. 97-104.
Blinder, A., Ehrmann, M., Fratzscher, M., de Haan, J., Jansen, D., 2014, Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence ; Reprint, in: Sylvester Eijffinger, Donato Masciandaro (eds): Modern Monetary Policy and Central Bank Governance, Cheltenham: Edward Elgar Publ.
Berger, H., Ehrmann, M., Fratzscher, M., 2013, Extreme Views Make News, in: Pierrre L. Siklos, Jan-Egbert Sturm (eds): Central Bank Communication, Decision Making and Governance, Cambridge:: MIT Press, pp. 113-120.
Born, B., Ehrmann, M., Fratzscher, M., 2013, How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument, in: Sylvester Eijffinger, Donato Masciandaro (eds): Handbook of Central Banking, Financial Regulation and Supervision After the Financial Crisis, Cheltenham: Edward Elgar, pp. 244-267.
Ehrmann, M., Fratzscher, M., 2009, Designing a Central Bank Communication Strategy, in: David Mayes, Geoffrey Wood (eds): Designing Central Banks, London: Routledge, pp. 170-192.
Angeloni, I., Ehrmann, M., 2006, Euro Area Inflation Differentials, in: Helge Berger, Thomas Moutos (eds): Designing the New European Union, Amsterdam: Elsevier, pp. 231-253.
Angeloni, I., Ehrmann, M., 2006, The Euro and the Transmission of Monetary Policy: Any Changes After EMU?, in: Lawrence Klein (ed): Long-Run Growth and Short-Run Stabilization: Essays in Honor of Albert Ando, Cheltenham: Edward Elgar, pp. 161-206.
Ehrmann, M., 2004, Firm Size and Monetary Policy Transmission: Evidence from German Business Survey Data, in: Jan-Egbert Sturm, Timo Wollmershäuser (eds): Ifo Survey Data in Business Cycle and Monetary Policy Analysis, Heidelberg: Physica, pp. 145-172.
Ehrmann, M., Gambacorta, L., Martinez-Pages, J., Sevestre, P., Worms, A., 2003, Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area, in: Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon (eds): Monetary Policy Transmission in the Euro Area, Cambridge: Cambridge University Press, pp. 235-269.
Cecchetti,, S., Ehrmann, M., 2002, Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes, in: Norman Loayza, Klaus Schmidt- Hebbel (eds): Monetary Policy: Rules and Transmission Mechanisms, Santiago: Central Bank of Chile, pp. 247-274.
Ehrmann, M., et al., 2025. Report on monetary policy tools, strategy and communication: ECB Monetary Policy Strategy Assessment 2025, ECB Occasional Paper Series 372.
Ehrmann, M., Gnan, P., Rieder, K., 2023. Central Bank Communication by ???: The Economics of Public Policy Leaks, ECB Working Paper Series 2846, Frankfurt am Main: European Central Bank.
Dedola, L., Ehrmann, M., Hoffmann, P., Lamo, A., Paz Pardo, G., Slacalek, J., Strasser, G., 2023. Digitalisation and the economy, ECB Working Paper Series 2809 : Discussion Papers.
Ehrmann, M., Hubert, P., 2023. Information acquisition ahead of monetary policy announcements, ECB Working Paper Series 2770, Frankfurt am Main: European Central Bank.
Ehrmann, M., Holton, S., Kedan, D., Phelan, G., 2022. Monetary policy communication - past ECB policymakers commend Bank's progress and call for more, ECB Research Bulletin 93.
Ehrmann, M., Tietz, R., Visser, B., 2022. Voting Right Rotation, Behavior of Committee Members and Financial Market Reactions: Evidence from the U.S. Federal Open Market Committee, IMF Working Papers Vol. 2022, 105 , Washington, D.C.: International Monetary Fund.
Ehrmann, M., et al., 2021. Clear, consistent and engaging: ECB monetary policy communication in a changing world: as part of the ECB Strategy Review work stream on monetary policy communications, ECB Occasional Paper 274.
Ehrmann, M., et al., 2021. The ECB's price stability framework: past experience, and current and future challenges: as part of the ECB Strategy Review work stream on the price stability objective, ECB Occasional Paper 269.
Ehrmann, M., Gaballo, G., Hoffmann, P., Strasser, G., 2019. How to signal the future path of interest rates? The international evidence on forward guidance, ECB Research Bulletin 61.
Ehrmann, M., Ferrucci, G., Lenza, M., O'Brien, D., 2018. Measures of underlying inflation for the euro area, ECB Economic Bulletin 4.
Ehrmann, M., Gnan, P., Rieder, K., 2023. Central Bank Communication by ???: The Economics of Public Policy Leaks, ECB Working Paper Series 2846, Frankfurt am Main: European Central Bank.
Dedola, L., Ehrmann, M., Hoffmann, P., Lamo, A., Paz Pardo, G., Slacalek, J., Strasser, G., 2023. Digitalisation and the economy, ECB Working Paper Series 2809 : Discussion Papers.
Ehrmann, M., Hubert, P., 2023. Information acquisition ahead of monetary policy announcements, ECB Working Paper Series 2770, Frankfurt am Main: European Central Bank.
Ehrmann, M., Holton, S., Kedan, D., Phelan, G., 2022. Monetary policy communication - past ECB policymakers commend Bank's progress and call for more, ECB Research Bulletin 93.
Ehrmann, M., Tietz, R., Visser, B., 2022. Voting Right Rotation, Behavior of Committee Members and Financial Market Reactions: Evidence from the U.S. Federal Open Market Committee, IMF Working Papers Vol. 2022, 105 , Washington, D.C.: International Monetary Fund.
Ehrmann, M., et al., 2021. Clear, consistent and engaging: ECB monetary policy communication in a changing world: as part of the ECB Strategy Review work stream on monetary policy communications, ECB Occasional Paper 274.
Ehrmann, M., et al., 2021. The ECB's price stability framework: past experience, and current and future challenges: as part of the ECB Strategy Review work stream on the price stability objective, ECB Occasional Paper 269.
Ehrmann, M., Gaballo, G., Hoffmann, P., Strasser, G., 2019. How to signal the future path of interest rates? The international evidence on forward guidance, ECB Research Bulletin 61.
Ehrmann, M., Ferrucci, G., Lenza, M., O'Brien, D., 2018. Measures of underlying inflation for the euro area, ECB Economic Bulletin 4.
Michael Ehrmann
Banque centrale du Luxembourg Stiftungsprofessor für Central Banking
OFFICE HOURS
During the lecture period
By appointment available upon request via email.
Room
3.55
OFFICE HOURS
During the lecture period
By appointment available upon request via email.
Room
3.55