Arbeitspapier
Inflation expectations, inflation target credibility and the COVID-19 pandemic: New evidence from Germany
Using the exact wording of the ECB's definition of price-stability, we started a representative online survey of German citizens in January 2019 that is designed to measure long-term inflation expectations and the credibility of the inflation target. Our results indicate that credibility has decreased in our sample period, particularly in the course of the deep recession implied by the COVID-19 pandemic. Interestingly, even though inflation rates in Germany have been clearly below 2% for several years, credibility has declined mainly because Germans increasingly expect that inflation will be much higher than 2% over the medium term. We investigate how inflation expectations and the impact of the pandemic depend on personal characteristics including age, gender, education, income, and political attitude.
- Sprache
-
Englisch
- Erschienen in
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Series: CFS Working Paper Series ; No. 658
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
Central Banks and Their Policies
- Thema
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Credibility of Inflation Targets
Household Inflation Expectations,Expectation Formation
Online Surveys
Covid-19 Pandemic
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Coleman, Winnie
Nautz, Dieter
- Ereignis
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Veröffentlichung
- (wer)
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Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
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Frankfurt a. M.
- (wann)
-
2021
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:23 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Coleman, Winnie
- Nautz, Dieter
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2021