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DTSTART:20261025T030000
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DTSTART:20260329T020000
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UID:calendar.143928.field_date.0@www.tse-fr.eu
DTSTAMP:20260812T165311Z
CREATED:20260812T081001Z
DESCRIPTION:Michael Ehrmann (Frankfurt School of Finance and Management)\, 
 “The Overdelivery Premium: When Monetary Policy Decisions Exceed Market Ex
 pectations”\, Séminaire Banque de France\, September 8\, 2026\, 11:30–12:3
 0\, BDF\, Paris\, room Room 4 and online.\n\nMonetary policy effects are u
 sually identified through surprises. We explore\nwhether their effects dif
 fer when central banks exceed market expectations\n(“overdelivery”) versus
  fall short (“underdelivery”). We argue that these cases\narise under fund
 amentally different conditions. As a result\, they might send\nsignals of 
 different strength. Using panel evidence across 14 economies and US\nand e
 uro area time-series evidence\, we document that short-term interest rates
  respond up to ten times more to overdelivery surprises. Furthermore\, the
 y carry different informational content: overdelivery triggers macroeconom
 ic forecast revisions consistent with central bank information effects\, w
 hile underdelivery generates revisions in line with standard monetary tran
 smission.
DTSTART;TZID=Europe/Paris:20260908T123000
DTEND;TZID=Europe/Paris:20260908T133000
LAST-MODIFIED:20260812T161001Z
LOCATION:September 8\, 2026\, 11:30–12:30\, BDF\, Paris\, room Room 4 and o
 nline
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-overdelivery-premium-when-
 monetary-policy-decisions-exceed-market-expectations
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