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Central Bank Communication with the General Public : Promise or False Hope?

Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - 2022

. This article surveys a rapidly-growing literature on central bank communication with the public. We first discuss why and … how such communication is more challenging than communicating with expert audiences. Then we survey the empirical evidence …

Persistent link: https://www.econbiz.de/10014079351

Do Inflation Expectations Improve Model-Based Inflation Forecasts?

Bańbura, Marta; Leiva-Leon, Danilo; Menz, Jan-Oliver - 2021

Those of professional forecasters do. For a wide range of time series models for the euro area and its member states we find a higher average forecast accuracy of models that incorporate information on inflation expectations from the ECB’s SPF and Consensus Economics compared to their...

Persistent link: https://www.econbiz.de/10013324272

Can Central Bank Communication Help to Stabilise Inflation Expectations?

Jung, Alexander; Kühl, Patrick - 2021

This paper examines whether central bank communication stabilises euro area inflation expectations through the … visitors’ attention to its communication. We conduct several econometric tests with daily data to measure the impact of ECB … communication on the information demand of the public and ultimately on inflation expectations. Overall, this study shows that …

Persistent link: https://www.econbiz.de/10013227730

How Much Does the Public Know about the ECB's Monetary Policy? Evidence from a Survey of Dutch 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/10013132595

Credibility Gains from Communicating with the Public : Evidence from the ECB's New Monetary Policy Strategy

Ehrmann, Michael; Georgarakos, Dimitris; Kenny, Geoff - 2023

We show that the announcement of the ECB’s Strategy Review and the revision of its inflation target in summer 2021 went largely unnoticed by the wider public. Although it is hard to reach out to this group, we find evidence that communicating key elements of the strategy can enhance the...

Persistent link: https://www.econbiz.de/10014254531

Making Sense of Consumer Inflation Expectations : The Role of Uncertainty

Reiche, Lovisa; Meyler, Aidan - 2022

Consumers’ inflation expectations play a key role in the monetary transmission mechanism. As such, it is crucial for monetary policymakers to understand what they are and how they are formed. In this paper we introduce the (un)certainty channel as means to shed light on some of the more...

Persistent link: https://www.econbiz.de/10013302729

Inflation Expectations, Consumption and the Lower Bound : Micro Evidence from a Large Euro Area Survey

Duca, Ioana; Kenny, Geoff; Reuter, Andreas - 2021

This paper exploits a very large multi-country survey of consumers to investigate empirically the relationship between inflation expectations and consumer spending. We document that for the Euro Area and almost all of its constituent countries this relationship is generally positive: a higher...

Persistent link: https://www.econbiz.de/10013315386

Monetary Policy & Anchored Expectations : An Endogenous Gain Learning Model

Gáti, Laura - 2022

This paper analyzes monetary policy in a model with a potential unanchoring of inflation expectations. The degree of unanchoring is given by how sensitively the public’s long-run inflation expectations respond to inflation surprises. I find that optimal policy moves the interest rate...

Persistent link: https://www.econbiz.de/10014079837

Starting from a Blank Page? Semantic Similarity in Central Bank Communication and Market Volatility

Ehrmann, Michael - 2017

Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy …

Persistent link: https://www.econbiz.de/10012962430

Between Hawks and Doves : Measuring Central Bank Communication

Tobback, Ellen - 2017

that communication plays a significant role in enhancing the accuracy when trying to estimate the bank's reaction function …

Persistent link: https://www.econbiz.de/10012952829