| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13916 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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