Phillipp Gnan

A database on anonymous monetary policy leaks from euro area central banks shows that such leaks, often from insiders with minority opinions, significantly impact markets and weaken official policy statements. M Ehrmann @ecb, @phillippgnan, @kilian_rieder ow.ly/MSi850PFqk9

#SUERFpolicybrief "The Economics of Public Policy Leaks: New Evidence from Central Banking" by Michael Ehrmann (@ecb, @cepr_org), @phillippgnan (@wu_vienna), and @kilian_rieder (@oenb, CEPR, and SUERF) #EuropeanCentralBank

@ecb Full paper now also available on SSRN papers.ssrn.com/abstract=44530…

Sometimes, insiders anonymously leak @ecb monetary policy information to the media. But what impact do these leaks have? #TheECBblog takes a closer look at when they happen and how they affect markets. Read the post ecb.europa.eu/press/blog/dat…

Central Bank Communication is back next Thursday: "Central Bank Communication by ??? The Economics of Public Policy Leaks" - mailchi.mp/cepr/central-b…

New WP with Max on retail investors' risk-return trade-off! Existing survey evidence: risk⬆️-- return expectations⬇️ Does this imply negative r-r trade-off for retail investors? This paper: backs out *required* returns Risk⬆️ -- required returns⬆️! ssrn.com/abstract=42233…