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Carbon pricing and inflation expectations : evidence from France

Hensel, Jannik; Mangiante, Giacomo; Moretti, Luca - 2023

This paper examines the impact of carbon pricing on firms' inflation expectations and its implications for central banks' price stability mandate. Carbon policy shocks are identified using high-frequency identification and combined with French firm-level survey data. A change in carbon price...

Persistent link: https://www.econbiz.de/10014312549

Sticky inflation : monetary policy when debt drags inflation expectations

Bigio, Saki; Caramp, Nicolas; Silva, Dejanir - 2024

We append the expectation of a monetary-fiscal reform into a standard New Keynesian model. If a reform occurs, monetary policy will temporarily aid debt sustainability through a temporary burst in inflation. The anticipation of a possible reform links debt levels with inflation expectations. As...

Persistent link: https://www.econbiz.de/10015125460

Breaking monetary policy news : the role of mass media coverage of ECB announcements for public inflation expectations

Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A. - 2023

Using the variation in national television news of four major member states in the Eurozone, we find causal effects of coverage of high-frequency identified monetary policy announcements on households' inflation expectations in an event study and a generalized Difference-in-Differences approach...

Persistent link: https://www.econbiz.de/10013550202

Functional shocks to inflation expectations and real interest rates and their macroeconomic effects

Anderl, Christina; Caporale, Guglielmo Maria - 2023

This paper applies a recently developed method (Inoue and Rossi, 2021) to estimate functional inflation expectations and ex-ante real interest rate shocks, and then examines their macroeconomic effects in the context of a Functional Vector Autoregressive model with exogenous variables...

Persistent link: https://www.econbiz.de/10014364953

Monetary policy communications and their effects on household inflation expectations

Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2019

We study how different forms of communication influence the inflation expectations of individuals in a randomized controlled trial. We first solicit individuals' inflation expectations in the Nielsen Homescan panel and then provide eight different forms of information regarding inflation....

Persistent link: https://www.econbiz.de/10011958866

Strategic inattention, inflation dynamics, and the non-neutrality of money

Afrouzi, Hassan - 2020

How does competition affect information acquisition of firms and thus the response of inflation and output to monetary policy shocks? This paper addresses these questions in a new dynamic general equilibrium model with both dynamic rational inattention and oligopolistic competition. In the...

Persistent link: https://www.econbiz.de/10012200269

Point targets, tolerance bands, or target ranges? : inflation target types and the anchoring of inflation expectations

Ehrmann, Michael - 2021

Inflation targeting is implemented in different ways – most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target types affect the anchoring of inflation...

Persistent link: https://www.econbiz.de/10012508768

Inflation literacy, inflation expectations, and trust in the central bank : a survey experiment

Dräger, Lena; Giang Hong Nghiem - 2023

This paper studies the causal effect of inflation literacy on inflation expectations and trust in the central bank using a randomized control trial (RCT) on a representative sample of the German population. In an experiment with two steps, we first test the effect of non-numerical information...

Persistent link: https://www.econbiz.de/10014309588

Regional heterogeneity, the rise of public debt and monetary policy in post-bubbles Japan : lessons for the EMU

Fischer, Raphael; Schnabl, Gunther - 2016

, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for … public debt and monetary policy in the context of crisis. It is shown for Japan that the attempts to maintain regional … across Japanese regions pre- and post-crisis. The side condition is monetary expansion. A similar effect could emerge in …

Persistent link: https://www.econbiz.de/10011476067

One country, one vote? : labor market structure and voting rights in the ECB

Berger, Helge; Hefeker, Carsten - 2004

The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...

Persistent link: https://www.econbiz.de/10011402520