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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2024
We study the redistributive effects of surprise inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth;...
Persistent link: https://www.econbiz.de/10014543616
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Households' response to the wealth effects of inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas - 2023
We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while...
Persistent link: https://www.econbiz.de/10014340155
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Households' Response to the Wealth Effects of Inflation
Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas; … - 2023
We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while...
Persistent link: https://www.econbiz.de/10014469510
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How are inflation targets set?
Horváth, Roman; Matějů, Jakub - 2011
macroeconomic environment. We find that central bank credibility is negatively associated with the level of inflation target …
Persistent link: https://www.econbiz.de/10010322261
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Social Trust and Central-Bank Independence
Berggren, Niclas; Daunfeldt, Sven-Olof; Hellström, Jörgen - 2012
credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social …
Persistent link: https://www.econbiz.de/10010320270
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Monetary policy committee transparency: Measurement, determinants, and economic effects
Hayo, Bernd; Mazhar, Ummad - 2011
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...
Persistent link: https://www.econbiz.de/10010286350
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Central bank transparency and nonlinear learning dynamics
Eusepi, Stefano - 2008
Central bank communication plays an important role in shaping market participants' expectations. This paper studies a simple nonlinear model of monetary policy in which agents have incomplete information about the economic environment. It shows that agents' learning and the dynamics of the...
Persistent link: https://www.econbiz.de/10010283511
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Central Bank communication with the general public: Promise or false hope?
Blinder, Alan S.; Ehrmann, Michael; de Haan, Jakob; … - 2022
Central banks are increasingly reaching out to the general public to motivate and explain their monetary policy actions. One major aim of this outreach is to guide inflation expectations; another is to ensure accountability and create trust. This article surveys a rapidly-growing literature on...
Persistent link: https://www.econbiz.de/10014278450
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Monetary target announcements, reputation and hysteresis
Grüner, Hans Peter - 1994
Two signaling games of monetary policy are considered: game one examines the effect of hysteresis on the labor market on the results of the repeated monetary policy game. Disciplinary effects of reputation disappear in presence of hysteresis. The second game compares weifare effects of monetary...
Persistent link: https://www.econbiz.de/10010397973
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Inflation targeting, credibility and non-linear Taylor rules
Neuenkirch, Matthias; Tillmann, Peter - 2012
-)establish credibility, optimal monetary policy under discretion is shown to set higher interest rates today if average inflation exceeded … term in the central bank's optimal instrument rule, which we refer to as the credibility loss. Augmenting a standard Taylor … seven central banks and that this influence is economically meaningful. A deteroriation in credibility forces central …
Persistent link: https://www.econbiz.de/10010294449