Arbeitspapier
The effect of unconventional monetary policy on inflation expectations: Evidence from firms in the United Kingdom
This paper investigates the effect of quantitative easing (QE) and other unconventional monetary policies on inflation and wage expectations of UK manufacturing firms. To identify the effect of QE on firms' expectations, we use a novel approach of combining microeconometric data with macroeconomic shocks: QE is exogenous to inflation expectations of individual firms, and so are other macroeconomic developments like aggregate inflation or GDP growth. We find that firms' inflation expectations increase by 0.22 percentage points in response to £50 billion of QE, implying that inflation expectations are part of the transmission mechanism of QE. In contrast, we find a positive but small and insignificant effect of forward guidance on inflation and wage expectations.
- Sprache
-
Englisch
- Erschienen in
-
Series: External MPC Unit Discussion Paper ; No. 47
- Klassifikation
-
Wirtschaft
Firm Behavior: Empirical Analysis
Monetary Policy
Price Level; Inflation; Deflation
- Thema
-
Inflation expectations
firm survey data
unconventional monetary policy
quantitative easing
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Boneva, Lena
Cloyne, James
Weale, Martin
Wieladek, Tomasz
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of England, External Monetary Policy Committee Unit
- (wo)
-
London
- (wann)
-
2016
- 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
- Arbeitspapier
Beteiligte
- Boneva, Lena
- Cloyne, James
- Weale, Martin
- Wieladek, Tomasz
- Bank of England, External Monetary Policy Committee Unit
Entstanden
- 2016
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