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How Much Does the Public Know About the ECB's Monetary Policy? Evidence from a Survey of Duch Households
van der Cruijsen, Carin - 2011
Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB's objectives is far from perfect. Both a weak...
Persistent link: https://www.econbiz.de/10013119263
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Reactions of household inflation expectations to a symmetric inflation target and high inflation
Galati, Gabriele; Moessner, Richhild; van Rooij, Maarten - 2022
Dutch household survey of short- and long-term inflation expectations, where half of respondents receive information about … household inflation expectations, but the high realisations of actual inflation did. These findings suggest that when it comes … to household inflation expectations and central bank credibility, inflation outcomes speak louder than words. The third …
Persistent link: https://www.econbiz.de/10013290329
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Reactions of Real Yields and Inflation Expectations to Forward Guidance in the United States
Moessner, Richhild - 2013
We study the impact of forward guidance used as an unconventional monetary policy tool at the zero lower bound of the policy rate on real and breakeven US Treasury yield curves. We find that explicit FOMC policy rate guidance announcements led to a significant reduction in real yields. By...
Persistent link: https://www.econbiz.de/10013073372
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The Impact of Size, Composition and Duration of the Central Bank Balance Sheet on Inflation Expectations and Market Prices
Titzck, Stephanie - 2019
We analyse the effects of announcements of changes in the Eurosystem's balance sheet size, duration and composition on inflation expectations, the exchange rate and the 10-year euro area government bond yield, using local projections. We explicitly take into account interaction effects between...
Persistent link: https://www.econbiz.de/10012890689
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Effects of Fed Policy Rate Forecasts on Real Yields and Inflation Expectations at the Zero Lower Bound
Galati, Gabriele - 2020
We study the effects of quantitative policy rate forecasts by the Federal Reserve on real yields and inflation expectations at the zero lower bound (ZLB). We study the effects of surprises in policy rate forecasts from the Summary of Economic Projections (SEP) on real yields and breakeven...
Persistent link: https://www.econbiz.de/10012826527
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Effects of ECB Balance Sheet Policy Announcements on Inflation Expectations
Moessner, Richhild - 2014
We investigate whether ECB balance sheet policy announcements in the wake of the global financial crisis have affected the ECB's monetary policy credibility as measured by long-term inflation expectations, by looking at their effects on euro area inflation swap rates of maturities up to 10...
Persistent link: https://www.econbiz.de/10013057243
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Central Bank Balance Sheet Policies and Inflation Expectations
van den End, Jan Willem - 2015
We analyse the empirical effects of credit easing and quantitative easing on inflation expectations and exchange rates. Both monetary policy strategies are summarised in measures for composition and size of the central bank balance sheet and included in a VAR model. The empirical results show...
Persistent link: https://www.econbiz.de/10013022092
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Anchoring of Consumers’ Long-Term Euro Area Inflation Expectations During the Pandemic
Galati, Gabriele; Moessner, Richhild; van Rooij, Maarten - 2021
household income …
Persistent link: https://www.econbiz.de/10013223824
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How Does Consumption Respond to News about Inflation? Field Evidence from a Randomized Control Trial
Coibion, Olivier - 2019
We implement a survey of Dutch households in which random subsets of respondents receive information about inflation. The resulting exogenously generated variation in inflation expectations is used to assess how expectations affect subsequent monthly consumption decisions relative to those in a...
Persistent link: https://www.econbiz.de/10012863632
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Forward Guidance and the Role of Central Bank Credibility under Heterogeneous Beliefs
Goy, Gavin - 2018
This paper studies the macroeconomic effects of central bank forward guidance when central bank credibility is endogenous. In particular, we take a stylized New Keynesian model with an occasionally binding zero lower bound constraint on nominal interest rates and heterogeneous and boundedly...
Persistent link: https://www.econbiz.de/10012907014