G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13916
DP13916 Monetary Policy Announcements and Expectations: Evidence from German Firms
Zeno Enders; Franziska Hünnekes; Gernot Müller
发表日期2019-08-07
出版年2019
语种英语
摘要We assess empirically whether monetary policy announcements impact firm expectations. Two features of our data set are key. First, we rely on a survey of production and price expectations of German firms, that is, expectations of actual price setters. Second, we observe the day on which firms submit their answers to the survey. We compare the responses of firms before and after monetary policy surprises and obtain two results. First, firm expectations respond to policy surprises. Second, the response becomes weaker as the surprise becomes bigger. A contractionary surprise of moderate size reduces firm expectations, while a moderate expansionary surprise raises them. Large surprises, both negative and positive, fail to alter expectations. Consistent with this result, we find that many of the ECB's announcements of non-conventional policies did not affect expectations significantly. Overall, our results are consistent with the notion that monetary policy surprises generate an information effect which is endogenous to the size of the policy surprise.
主题Monetary Economics and Fluctuations
关键词Monetary policy announcements Firm expectations Survey data European central bank Information effect
URLhttps://cepr.org/publications/dp13916
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/542797
推荐引用方式
GB/T 7714
Zeno Enders,Franziska Hünnekes,Gernot Müller. DP13916 Monetary Policy Announcements and Expectations: Evidence from German Firms. 2019.
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