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advantages over the standard scale which is centered at zero inflation: First, they mitigate the impact of the central tendency … the need to adjust the scale when actual inflation falls outside the range for which the response scale was designed. Our …
Persistent link: https://www.econbiz.de/10014481221
inflation surge and derives projections for the future. In 2020, the Fed took the negative prescribed rates, which were far … clearly signaled the need for tightening because of the rise of inflation, yet the Fed waited until spring 2022 to raise the … federal funds rate. With the decline of inflation over the course of 2023, the rules' prescriptions have also come down. They …
Persistent link: https://www.econbiz.de/10014485244
underestimate the ECB's inflation forecasting accuracy. In particular, they believe that the ECB is overly optimistic. Communication … that challenges these perceptions improves the anchoring of inflation expectations, reduces inflation uncertainty and … discourages consumption of durable goods. Treated households also report higher trust in the ECB, perceive the ECB's inflation …
Persistent link: https://www.econbiz.de/10014495652
Persistent link: https://www.econbiz.de/10015079937
Persistent link: https://www.econbiz.de/10015076570
experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the "standard model" suffice to explain the broad contours of macroeconomic outcomes in …
Persistent link: https://www.econbiz.de/10013197326
This paper shows that there is a very large difference between the official measured inflation rate with its basket of … 650 types of goods and perceived inflation in Germany. While the inflation rate in Germany was 10.0% in September 2022 and … 10.4% in October, a nationwide survey revealed that respondents perceived inflation to be 34.15%. At the same time, the …
Persistent link: https://www.econbiz.de/10013450600
This paper documents a strong relationship between households’ perceptions about inflation over the past 12 months and … households’ short- and long-term expectations about future inflation. This relationship is strong during periods of high-inflation … but even stronger during low-inflation periods. We establish a causal relationship by implementing a randomized …
Persistent link: https://www.econbiz.de/10014320795
This paper studies high-frequency econometric methods to test for a jump in the spread of bond yields. We propose a coherent inference procedure that detects a jump in the yield spread only if at least one of the two underlying bonds displays a jump. Ignoring this inherent connection by basing...
Persistent link: https://www.econbiz.de/10014343097
Persistent link: https://www.econbiz.de/10011282827