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WORKING PAPER SERIES NO 868 / FEBRUARY 2008: PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND
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WORKING PA PER SERIES
N O 8 6 8 / FEBRUARY 200 8
PURDAH
ON THE RATIONALE FOR
CENTRAL BANK SILENCE
AROUND POLICY
MEETINGS
by Michael Ehrmann
and Marcel Fratzscher
WORKING PAPER SERIES
NO 868 / FEBRUARY 2008
In 2008 all ECB
publications
feature a motif
taken from the
10 banknote.
PURDAH
ON THE RATIONALE FOR
CENTRAL BANK SILENCE
AROUND POLICY MEETINGS 1
Michael Ehrmann
and Marcel Fratzscher 2
This paper can be downloaded without charge from
http://www.ecb.europa.eu or from the Social Science Research Network
electronic library at http://ssrn.com/abstract_id=1090543.
1 This paper is forthcoming in the Journal of Money, Credit, and Banking. We would like to thank Terhi Jokipii and Björn Kraaz for excellent
research assistance, Niels Bünemann for some information about the purdah practices of central banks and Magnus Andersson, Alan
Blinder, Alex Cukierman and Bernhard Winkler as well as seminar participants at the ECB for comments. This paper presents the
authors’ personal opinions and does not necessarily refl ect the views of the European Central Bank.
2 Both authors: European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany;
e-mail: [email protected], [email protected]
© European Central Bank, 2008
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Central Bank.
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ISSN 1561-0810 (print)
ISSN 1725-2806 (online)