Artikel
Inflation Expectations, Central Bank Credibility and the Global Financial Crisis
Long-run inflation expectations should not respond to economic news if the central bank is seen as credibly committed to stabilising inflation. In this paper we find that since the onset of the global financial crisis, medium and long-term inflation expectations implied by inflation swaps in the euro area, United Kingdom and United States have become less responsive to actual inflation and changes in oil and food prices. This suggests that the credibility of the central banks in these economies remains intact, despite large increases in their balance sheets due to unconventional monetary policy measures and the introduction of explicit forward guidance at the zero lower bound. We also find an increase in autocorrelation of inflation expectations, which suggests that shocks have a longer-lasting impact than before the financial crisis.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Swiss Journal of Economics and Statistics ; ISSN: 2235-6282 ; Volume: 150 ; Year: 2014 ; Issue: 2 ; Pages: 55-87 ; Heidelberg: Springer
- Klassifikation
-
Wirtschaft
Central Banks and Their Policies
Price Level; Inflation; Deflation
Financial Crises
- Thema
-
Inflation expectations
central bank credibility
financial crisis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gerlach-Kristen, Petra
Mössner, Richhild
- Ereignis
-
Veröffentlichung
- (wer)
-
Springer
- (wo)
-
Heidelberg
- (wann)
-
2014
- DOI
-
doi:10.1007/BF03399402
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 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
- Artikel
Beteiligte
- Gerlach-Kristen, Petra
- Mössner, Richhild
- Springer
Entstanden
- 2014
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