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Douglas Elliman Development Marketing to Launch Sales for The Residences at The Detroit EDITION

Retrieved on:

Thursday, April 18, 2024

DETROIT, April 18, 2024 /PRNewswire/ -- Douglas Elliman Development Marketing (DEDM), a division of the premier independent real estate brokerage Douglas Elliman Realty, announced today that it will lead marketing and sales for The Residences at The Detroit EDITION, a new luxury residential project from EDITION Hotels and real estate firm Bedrock. Located at 1208 Woodward Avenue, on the historic site of Detroit's legendary J. L. Hudson Department Store, The Residences at The Detroit EDITION were designed by SHoP Architects, with interiors by Yabu Pushelberg.

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DETROIT, April 18, 2024 /PRNewswire/ -- Douglas Elliman Development Marketing (DEDM), a division of the premier independent real estate brokerage Douglas Elliman Realty, announced today that it will lead marketing and sales for The Residences at The Detroit EDITION, a new luxury residential project from EDITION Hotels and real estate firm Bedrock.
"The Residences at The Detroit EDITION represent an exciting new chapter in the life of this important American city," said Howard M. Lorber, Executive Chairman of Douglas Elliman.
DEDM has led sales and marketing for EDITION Residences, Miami Edgewater; The Residences at the Miami Beach EDITION; and The Residences at The West Hollywood EDITION.
"Collaborating with Bedrock and EDITION on the concept and marketing for The Residences at The Detroit EDITION has been especially gratifying for the Anderson-Ehrmann Team," said Douglas Elliman associate broker and new development sales expert Bruce Ehrmann.

Central bank asset purchases and auction cycles revisited: new evidence from the euro area

Retrieved on:

Friday, April 19, 2024

EADB, Eurozone, Central bank, Exercise, Finance, Selection, Zero lower bound, History, Sale, Empirical evidence, Research Papers in Economics, SDW, Flight-to-liquidity, Money, EONIA, APP, Fleming, Born, AAA, Fiscal, PEPP, Pyrrhic victory, Policy, Research, Breitung, MOSFET, Autocorrelation, Euro, PDF, Classification, ECB, Blog, Dependent and independent variables, Eser, DMO, Impact, PSPP, SMP, Efficacy, AC, QE, Sovereign, Confidentiality, Section 4, MOC, Convention (norm), Data warehouse, Social science, LHS, Control, JEL, Chart, Section 3, Importance, Journal, Bank of France, Role, G14, Government, Capital, The Journal of Finance, Credit, E58, Contagion, Literature, Public sector, DeSantis, Paper, Section 2, European Central Bank, Health, Arnone, Attention, Pressure, NCBS, G12, Journal of Financial Economics, Reproduction, Website, Table, Movement, IMF, RHS, Working paper, Ehrmann, Treasury, Market, Symmetry, Heart, Data, Beck, VIX, Natural experiment, Interval (mathematics), Confidence interval, Medical classification, Security (finance)

Working Paper Series

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Working Paper Series
Federico Maria Ferrara
Central bank asset purchases
and auction cycles revisited:
new evidence from the euro area

No 2927

Disclaimer: This paper should not be reported as representing the views of the European Central Bank
(ECB).
Abstract
This study provides new evidence on the relationship between unconventional monetary
policy and auction cycles in the euro area.
The findings indicate that Eurosystem?s asset purchase flows mitigate
yield cycles during auction periods and counteract the amplification impact of market volatility.
The dampening effect of central bank asset purchases on auction cycles is more sizeable and
precisely estimated for purchases of securities with medium-term maturities and in jurisdictions
with relatively lower credit ratings.
On the other hand, central banks may influence price dynamics in these markets, most notably
through their asset purchase programmes.
If so, do central bank asset purchases
affect bond yield movements around auction dates?
Auction cycles are present when secondary market yields rise in
anticipation of a debt auction and fall thereafter, generating an inverted V-shaped pattern around auction
dates.
ECB Working Paper Series No 2927
3

1

Introduction

The impact of central bank asset purchases on government bond markets is a focal point of economic and
financial research.
If so,
do central bank asset purchases shape yield sensitivity around auction dates?
The paper provides new evidence on the effects of Eurosystem?s asset purchases on secondary market
yields around public debt auction dates.
The analysis builds on previous research based on aggregate data
on central bank asset purchases and a shorter analysis period (van Spronsen and Beetsma 2022).
Using
granular data on Eurosystem?s asset purchases offers an opportunity to shed light on the mechanisms linking
unconventional monetary policy and auction cycles.
Given this legal constraint, the study
hypothesises that the effect of asset purchases on 10-year auction cycles is mostly indirect, and goes via price
spillovers generated by purchases of securities outside the 10-year maturity space.
Taken together, these results provide new evidence about auction cycles in Europe and contribute to a
larger literature on the flow effects of central bank asset purchases on bond markets.
Section 4 offers descriptive evidence about auction cycles in the euro area.
Auction cycles are defined by the presence of an inverted V-shaped pattern in secondary market yields
around primary auctions.
That is, government bond yields rise in the run-up to the date of the auction and
fall back to their original level after the auction.
Their limited risk-bearing capacities and inventory management operations are
seen as key mechanisms driving auction cycles (Beetsma et al.
ECB Working Paper Series No 2927
7

Second, central bank asset purchases can alleviate the cycle by (partly) absorbing the additional supply
of substitutable instruments in the secondary market (van Spronsen and Beetsma 2022).
This expectation is
supported by several analyses on the price effects of central bank bond purchases (D?Amico and King 2013;
Arrata and Nguyen 2017; De Santis and Holm-Hadulla 2020).
Empirically, previous research has provided evidence of auction cycles taking place across different jurisdictions.
(2016) detect auction cycles for government debt in Italy, but not in Germany, during the European
sovereign debt crisis.
Research on the impact of central bank asset purchases on yield cycles around auctions is still limited.
Their paper provides evidence
that Eurosystem?s asset purchases reduce the presence of auction cycles for euro area government debt.
Nonetheless, several questions remain open about auction cycles and unconventional monetary policy
in the euro area.
Therefore, they
provide only a partial picture of auction cycles and central bank asset purchases in Europe.
The use of granular data on central bank asset purchases is especially important in light of the modalities
of monetary policy implementation of the Eurosystem.
Altogether, these elements motivate further investigation of the relationship between central bank asset
purchases and auction cycles in the euro area.
Taken together, these results confirm that Eurosystem?s asset purchases mitigate yield cycles during auction periods and counteract the amplification impact of market volatility.
The findings confirm that the flow
effects of central bank purchases on yield movements around auction dates are driven by lower-rated countries.
Additional analyses provide evidence for an indirect effect of purchases on auction cycles and highlight
the presence of substantial heterogeneity across jurisdictions and purchase programmes.
Flow Effects of Central Bank Asset Purchases on Sovereign Bond
Prices: Evidence from a Natural Experiment.
Federico Maria Ferrara
European Central Bank, Frankfurt am Main, Germany; email: [email protected]
? European Central Bank, 2024
Postal address 60640 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Website
www.ecb.europa.eu
All rights reserved.

Monetary policy communication – past ECB policymakers commend Bank’s progress and call for more

Retrieved on:

Friday, November 11, 2022

This is not surprising central banks need to explain increasingly complex monetary policies, often in the context of broader mandates.

Key Points:

This is not surprising central banks need to explain increasingly complex monetary policies, often in the context of broader mandates.
In the light of these developments, it is important to assess current communication practices and identify any room for improvement.
In the survey we sought their views on euro area monetary policy communication, the related challenges and the road ahead.
Nevertheless, some respondents commented on the risk that communication with financial markets can go too far, in particular if market expectations dominate policy.
The survey also asked for respondents views regarding the various types of forward guidance, which refers to central banks communicating about the future path of monetary policy.
With regard to the representation of individual views, most respondents thought that the ECBs monetary policy communication was about right (Chart 3).
Diversity of views on the Governing Council
Notes: The figure shows the responses to the question In most central banks, monetary policy is set by a committee.
Whereas some central banks encourage that the diversity of views on the committee is represented in the external communication, others have adopted a one-voice policy.
Where, in your view, is the monetary policy communication by Governing Council members located along this spectrum?
Overall, the respondents assessed the ECBs monetary policy communication as broadly adequate.
These results reveal that, from the perspective of former policymakers, what constitutes effective communication varies across audiences and is likely to evolve over time.
Central banks would therefore be well advised to continue assessing and adjusting their communication practices.

Artmarket.com: in the aftermath of Paris Photo 2021, Artprice takes a look at the photography market from a SWOT perspective with the arrival of NFTs

Retrieved on:

Tuesday, November 16, 2021

Their photos are therefore completely dematerialized and there is no reason why they shouldn't circulate much more fluidly alongside NFTs.

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Their photos are therefore completely dematerialized and there is no reason why they shouldn't circulate much more fluidly alongside NFTs.
The former British colony has recorded exceptional art market growth over the past ten years driven by dazzling sales of Contemporary Art.
Unfortunately Asian collectors have never been passionate about photography and no photo has yet sold above the $1 million threshold in Hong Kong.
Conversely, traditional art to which photography essentially belongs is focused, above all, on the rarity of the work.

Artmarket.com: in the aftermath of Paris Photo 2021, Artprice takes a look at the photography market from a SWOT perspective with the arrival of NFTs

Retrieved on:

Tuesday, November 16, 2021

Their photos are therefore completely dematerialized and there is no reason why they shouldn't circulate much more fluidly alongside NFTs.

Key Points:

Their photos are therefore completely dematerialized and there is no reason why they shouldn't circulate much more fluidly alongside NFTs.
The former British colony has recorded exceptional art market growth over the past ten years driven by dazzling sales of Contemporary Art.
Unfortunately Asian collectors have never been passionate about photography and no photo has yet sold above the $1 million threshold in Hong Kong.
Conversely, traditional art to which photography essentially belongs is focused, above all, on the rarity of the work.

Artmarket.com: Artprice analyses the art market's dazzling recovery from the health crisis in H1 2021, fortified by its digital transformation

Retrieved on:

Wednesday, August 4, 2021

Artprice, Thierry Ehrmann, Art market, Ehrmann, Auction, Articles

According to thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department "Two Art Markets are currently coexisting: one organic, the other disruptive.

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According to thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department "Two Art Markets are currently coexisting: one organic, the other disruptive.
Fine art auctions generated $6.9 billion in H1 2021, up 3% versus H1 2019.
The auction operators nevertheless managed to generate a turnover equivalent to the average for the ten years before the health crisis (H1 2010 - H1 2019), i.e.
The Contemporary art segment (artists born after 1945) posted a historic performance in H1 2021, up 50% versus H1 2019.

Artmarket.com: Artprice analyses the art market's dazzling recovery from the health crisis in H1 2021, fortified by its digital transformation

Retrieved on:

Wednesday, August 4, 2021

Artprice, Thierry Ehrmann, Art market, Ehrmann, Auction, Articles

According to thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department "Two Art Markets are currently coexisting: one organic, the other disruptive.

Key Points:

According to thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department "Two Art Markets are currently coexisting: one organic, the other disruptive.
Fine art auctions generated $6.9 billion in H1 2021, up 3% versus H1 2019.
The auction operators nevertheless managed to generate a turnover equivalent to the average for the ten years before the health crisis (H1 2010 - H1 2019), i.e.
The Contemporary art segment (artists born after 1945) posted a historic performance in H1 2021, up 50% versus H1 2019.

Artmarket.com: Artprice sees explosion of Contemporary Art and the Hi-Lite Movement in Southeast Asia

Retrieved on:

Tuesday, July 6, 2021

Artprice, Thierry Ehrmann, Ehrmann, Christie's, Contemporary art, Culture

This growth is all the more remarkable as it is very largely based on sales of Contemporary and even Ultra-Contemporary art.

Key Points:

This growth is all the more remarkable as it is very largely based on sales of Contemporary and even Ultra-Contemporary art.
"An uninhibited market is rapidly emerging throughout Southeast Asia," says thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department.
These artists can be associated with what Christie's dubbed the "Hi-Lite" movement in reference to an art form that is 'lighter' (i.e.
The Japanese Contemporary art star is one of the emblematic figures of the Hi-Lite movement.

Artmarket.com: Artprice sees explosion of Contemporary Art and the Hi-Lite Movement in Southeast Asia

Retrieved on:

Tuesday, July 6, 2021

Artprice, Thierry Ehrmann, Ehrmann, Christie's, Contemporary art, Culture

This growth is all the more remarkable as it is very largely based on sales of Contemporary and even Ultra-Contemporary art.

Key Points:

This growth is all the more remarkable as it is very largely based on sales of Contemporary and even Ultra-Contemporary art.
"An uninhibited market is rapidly emerging throughout Southeast Asia," says thierry Ehrmann, President and Founder of Artmarket.com and its Artprice department.
These artists can be associated with what Christie's dubbed the "Hi-Lite" movement in reference to an art form that is 'lighter' (i.e.
The Japanese Contemporary art star is one of the emblematic figures of the Hi-Lite movement.

Artmarket.com fosters art market transparency via Artprice subscriptions

Retrieved on:

Tuesday, February 9, 2021

Marketing, Artprice, Business models, Articles, Thierry Ehrmann, Art market, Auction, Ehrmann, Dematerialization

PARIS, Feb. 9, 2021 /PRNewswire/ -- Somewhat counter-intuitively, the dematerialization of auctions has not greatly improved the transparency of the secondary art market.

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PARIS, Feb. 9, 2021 /PRNewswire/ -- Somewhat counter-intuitively, the dematerialization of auctions has not greatly improved the transparency of the secondary art market.
"Online sales have not yet completely proven their credentials" says thierry Ehrmann, President and Founder of Artmarket.com and its Artprice Department.
The digitization of sales catalogs and the proliferation of auction platforms have certainly improved the fluidity of the art market.
Artmarket.com and Artprice are therefore more than ever putting everything in place to provide additional services to those offered by the Auction Houses, by providing all players in the art market with a reliable and impartial information platform.