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Writing Clearly : ECB's Monetary Policy Communication
Cihak, Martin - 2008
The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case … of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication …
Persistent link: https://www.econbiz.de/10014409073
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Inflation Targeting and Communication
Smídková, Katerina - 2008
methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools …
Persistent link: https://www.econbiz.de/10012677665
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Monetary Policy Communication and Financial Markets in India
Ahmed, Faisal - 2022
Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across … since 2016 has been supported by a broad set of communication tools, more recently aided by policy innovations such as … statistically significant. The results support an important role for monetary policy communication in guiding market expectations …
Persistent link: https://www.econbiz.de/10015060012
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Do Household Expectations Help Predict Inflation?
Brandão-Marques, Luis - 2023
We examine whether changes in the distribution of household inflation expectations contain information on future inflation. We first discuss recent shifts in micro data from the US, UK, Germany, and Canada. We then zoom in on the US to explore econometrically whether distributional...
Persistent link: https://www.econbiz.de/10015058986
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The Consequences of Falling Behind the Curve: Inflation Shocks and Policy Delays Under Rational and Behavioral Expectations
Hakamada, Mai - 2024
Central banks in major industrialized economies were slow to react to the surge in inflation that began in early 2021. The proximate causes of this surge were the supply chain disruptions associated with the easing of COVID restrictions, fiscal policies designed to cushion the economic impact of...
Persistent link: https://www.econbiz.de/10015058631
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Can Fiscal Consolidation Announcements Help Anchor Inflation Expectations?
David, Antonio - 2024
In this paper, we use quarterly data and a novel database on fiscal policy consolidation announcements, for a sample of advanced economies and emerging markets to quantify the effects of fiscal tightening on inflation expectations. We find that fiscal consolidation announcements reduce inflation...
Persistent link: https://www.econbiz.de/10015058655
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U.S. Inflation Expectations During the Pandemic
Bae, Euihyun - 2024
This paper studies how and why inflation expectations have changed since the emergence of Covid-19. Using micro-level data from the University of Michigan Survey of Consumers, we show that the distribution of consumer expectations at one-year and five-ten year horizons has widened since the...
Persistent link: https://www.econbiz.de/10015058699
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Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations
Brandão-Marques, Luis - 2023
This paper examines whether high government debt levels pose a challenge to containing inflation. It does so by assessing the impact of government debt surprises on inflation expectations in advanced- and emerging market economies. It finds that debt surprises raise long-term inflation...
Persistent link: https://www.econbiz.de/10015059358
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Shocks to Inflation Expectations
Barrett, Philip - 2022
The consensus among central bankers is that higher inflation expectations can drive up inflation today, requiring tighter policy. We assess this by devising a novel method for identifying shocks to inflation expectations, estimating a semi-structural VAR where an expectation shock is identified...
Persistent link: https://www.econbiz.de/10015060466
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The Effects of Economic Shocks on Heterogeneous Inflation Expectations
Chang, Yoosoon - 2022
In this paper, we examine how economic shocks affect the distribution of household inflation expectations. We show that the dynamics of households' expected inflation distributions are driven by three distinctive functional shocks, which influence the expected inflation distribution through...
Persistent link: https://www.econbiz.de/10015060289