Arbeitspapier
Monetary Policy Communications and their Effects on Household Inflation Expectations
We study how different forms of communication influence the inflation expectations of individuals in a randomized controlled trial. We first solicit individuals’ inflation expectations in the Nielsen Homescan panel and then provide eight different forms of information regarding inflation. Reading the actual Federal Open Market Committee (FOMC) statement has about the same average effect on expectations as simply being told about the Federal Reserve’s inflation target. Reading a news article about the most recent FOMC meetings results in a forecast revision which is smaller by half. Our results have implications for how central banks should communicate to the broader public.
- Sprache
-
Englisch
- Erschienen in
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Series: CESifo Working Paper ; No. 7464
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Survey Methods; Sampling Methods
Expectations; Speculations
- Thema
-
expectations management
inflation expectations
surveys
communication
randomized controlled trial
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Coibion, Olivier
Gorodnichenko, Yuriy
Weber, Michael
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Coibion, Olivier
- Gorodnichenko, Yuriy
- Weber, Michael
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2019
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