Arbeitspapier

Credibility gains from communicating with the public: Evidence from the ECB's new monetary policy strategy

zu Verbundenen Objekten

We show that the announcement of the ECB's Strategy Review and the revision of its inflation target in summer 2021 went largely unnoticed by the wider public. Although it is hard to reach out to this group, we find evidence that communicating key elements of the strategy can enhance the perceived credibility that price stability will be maintained in the medium-term. Randomised information treatments reveal that providing additional explanations about monetary policy's stabilising role has the strongest positive impact on credibility, boosting credibility also among the less financially literate and generating more persistent credibility gains, even after inflation increased.

ISBN
978-92-899-5981-0
Sprache
Englisch

Erschienen in
Series: ECB Working Paper ; No. 2785

Klassifikation
Wirtschaft
Monetary Policy
Central Banks and Their Policies
Price Level; Inflation; Deflation
Thema
central bank communication
credibility
financial literacy
randomised controltrial
Consumer Expectations Survey

Ereignis
Geistige Schöpfung
(wer)
Ehrmann, Michael
Georgarakos, Dimitris
Kenny, Geoff
Ereignis
Veröffentlichung
(wer)
European Central Bank (ECB)
(wo)
Frankfurt a. M.
(wann)
2023

DOI
doi:10.2866/780326
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.
Original beim Datenpartner anzeigen

Objekttyp

  • Arbeitspapier

Beteiligte

  • Ehrmann, Michael
  • Georgarakos, Dimitris
  • Kenny, Geoff
  • European Central Bank (ECB)

Entstanden

  • 2023

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