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Financial Advice and Stock Market Participation
Georgarakos, Dimitris - 2011
We introduce professional financial advice in households' choice to hold risky financial assets. Consistent with the predictions from a formal model, we present evidence that households' trust in financial advice only matters when their perceived own financial capability is low. Instead, for...
Persistent link: https://www.econbiz.de/10013130159
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Explaining EU Citizens’ Trust in the ECB in Normal and Crisis Times
Ehrmann, Michael - 2013
We study the determinants of trust in the ECB as measured by the European Commission's Eurobarometer survey. The formulation of the corresponding question in this survey is very general, and compatible with very different notions of "trust" by respondents. In particular, the survey does not ask...
Persistent link: https://www.econbiz.de/10013089459
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Trust, But Verify. De-Anchoring of Inflation Expectations Under Learning and Heterogeneity
Busetti, Fabio - 2017
The paper studies how a prolonged period of subdued price developments may induce a de-anchoring of inflation expectations from the central bank's objective. This is shown within a framework where agents form expectations using adaptive learning, choosing among a set of alternative forecasting...
Persistent link: https://www.econbiz.de/10012963942
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Trust in the Central Bank and Inflation Expectation
Christelis, Dimitris - 2020
Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB) influences individuals' expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We find that higher trust in the ECB lowers inflation...
Persistent link: https://www.econbiz.de/10012841204
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Culture and Portfolios : Trust, Precautionary Savings and Home Ownership
Fleck, Johannes - 2020
This paper shows that individual beliefs on the effectiveness of formal and informal sources of risk sharing determine financial precautionary behavior. We present empirical evidence demonstrating that higher trust in public insurance systems reduces net liquid wealth while higher trust in...
Persistent link: https://www.econbiz.de/10012825354
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The International Dimension of Confidence Shocks
Dees, Stephane - 2014
identify the causal effects of confidence shocks on real economic activity in a selection of advanced economies. Starting from … consumption and real GDP. In line with BNW, we find that confidence shocks explain a large share of the variance in real economic … common global components in international confidence cycles, we extend the analysis to a FAVAR model. This approach proves …
Persistent link: https://www.econbiz.de/10013055735
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The Confidence Effects of Fiscal Consolidations
Beetsma, Roel M. W. J. - 2015
We explore how fiscal consolidations affect private sector confidence, a possible channel for the fiscal transmission …) show that consolidations, and in particular their unanticipated components affect confidence negatively. The effects are … accurate picture of how consolidations affect confidence, we construct a monthly dataset of consolidation announcements based …
Persistent link: https://www.econbiz.de/10013025491
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Instinctive Versus Reflective Trust in the European Central Bank
Angino, Siria; Secola, Stefania - 2022
Political science research has established that trust in institutions, including central banks, is shaped by socio-economic and demographic factors, as well as by the assessment of institutional features and by slow-moving components such as culture. However, the role of cognitive processes has...
Persistent link: https://www.econbiz.de/10013290093
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Trust and the Household-Bank Relationship
Ampudia, Miguel; Palligkinis, Spyros - 2021
We examine the role of trust in households’ decisions to hold a bank account and to switch to a new bank. We explore Italian household-level data that contain restricted information on the banks that the households are doing business with, as well as measures of trust in the households’ main...
Persistent link: https://www.econbiz.de/10013315400
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Revenue versus Spending-Based Consolidation Plans : The Role of Follow-Up
Beetsma, Roel M. W. J.; Furtuna, Oana; Giuliodori, Massimo - 2021
The literature on fiscal multipliers finds that spending-based fiscal consolidations tend to have more benign macro-economic consequences than revenue-based consolidations. By directly comparing expost data with consolidation plans, we present evidence of a systematically weaker follow-up of...
Persistent link: https://www.econbiz.de/10013315403