Arbeitspapier
Towards a consumer sentiment channel of monetary policy
We investigate the role of consumer confidence in the transmission of monetary policy shocks from an empirical and theoretical perspective. Standard VAR based analysis suggests that an empirical measure of consumer confidence drops significantly after a monetary tightening and amplifies the impact of monetary policy on aggregate consumption. Using a behavioral DSGE model, we show that a consumer sentiment channel can account for the empirical findings. In an environment of heterogeneous expectations, which gives rise to the notion of consumer sentiment, innovations to the Federal Funds rate impact on consumer confidence and thereby the broader economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: W.E.P. - Würzburg Economic Papers ; No. 91
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Monetary Policy
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- Thema
-
monetary policy
monetary transmission
consumer sentiment
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Debes, Sebastian
Gareis, Johannes
Mayer, Eric
Rüth, Sebastian
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Würzburg, Department of Economics
- (wo)
-
Würzburg
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 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
- Debes, Sebastian
- Gareis, Johannes
- Mayer, Eric
- Rüth, Sebastian
- University of Würzburg, Department of Economics
Entstanden
- 2014
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