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| Central bank communication and the perception of monetary policy by financial market experts Schmidt, Sandra |
| Haupttitel | Central bank communication and the perception of monetary policy by financial market experts |
| Autor | Schmidt, Sandra; Nautz, Dieter |
| Seitenzahl | 25 S. |
| Schriftenreihe | Discussion paper / School of Business & Economics ; 2010/29 : Economics |
| Fachbereich/Einrichtung | FB Wirtschaftswissenschaft |
| Arbeitsbereich/Institut | Institut für Statistik und Ökonometrie |
| Erscheinungsjahr | 2010 |
| Dokumente | pdf-Datei
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| Freie Schlagwörter | Central bank communication; Interest rate forecasts; Survey expectations; Panel random coefficient model |
| DDC | 337 Internationale Volkswirtschaft 339 Makroökonomie und verwandte Themen |
| Dokumententyp/-Sammlungen | Monographie/Text |
| Medientyp/Format | Text |
| Abstract | This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover the sources of in- dividual interest rate forecast errors. Based on a panel random coefficient model, we show that financial experts have systematically misperceived the ECB's in- terest rate rule. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary policy have become more accurate since clarification of the ECB's monetary policy strategy in May 2003. We find that this improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis. |
| Sprache | Englisch |
| Rechte | Nutzungsbedingungen |
| Identifier | 978-3-941240-41-4 (ISBN) |
| Zugriffstatistik | |
| Statische URL | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000008221 |
| Erstellt am | 06.12.2010 - 15:05:38 |
| Letzte Änderung | 19.03.2013 - 11:55:16 |
