| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16786 |
| DP16786 Would Households Understand Average Inflation Targeting? | |
| Mathias Hoffmann; Emanuel Moench; Lora Pavlova; Guido Schultefrankenfeld | |
| 发表日期 | 2022-03-09 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Yes, they would. In a randomized control trial, we provide groups of respondents from the Bundesbank Online Panel Households with information about a hypothetical alternative ECB monetary policy regime akin to the Federal Reserve’s flexible average inflation targeting (AIT). Inflation expectations significantly increase for the treated individuals. When provided with additional information about near-term inflation, individuals update their expected inflation path in line with the central banks’ intentions. This is particularly true for individuals with high trust in the ECB. We assess the economic significance of our findings by comparing two model economies under different monetary policy strategies, calibrated to match the difference in medium-term inflation expectations from our survey results. Under AIT, inflation is substantially less volatile and the frequency of hitting the lower bound on interest rates is considerably reduced. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Monetary policy strategy Household inflation expectations Randomized control trial Survey data |
| URL | https://cepr.org/publications/dp16786-0 |
| 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/546068 |
| 推荐引用方式 GB/T 7714 | Mathias Hoffmann,Emanuel Moench,Lora Pavlova,et al. DP16786 Would Households Understand Average Inflation Targeting?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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