Inflation Expectations of Experts and ECB Communication


Ullrich, Katrin


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URL: http://ub-madoc.bib.uni-mannheim.de/1626
URN: urn:nbn:de:bsz:180-madoc-16264
Document Type: Working paper
Year of publication: 2007
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: E52 E58 D83 D84 ,
Subject headings (SWD): Inflation , Erwartung , Finanzanalyst , Europäische Zentralbank , Informationswert , Schätzung , Europäische Union
Keywords (English): inflation expectations formation , central bank communication , Carlson-Parkin method , survey expectations
Abstract: The communication policy of the European Central Bank attracts a lot of attention from financial markets. This paper analyses the informational content of the monthly introductory statements of the ECB president explaining interest rate decisions with regard to inflation expectations of financial market experts for the euro area from February 1999 to June 2007. Estimations are conducted for the influence of ECB communication on expectations formation besides other macroeconomic variables. As the results indicate, the indicator measuring the informational content of ECB rhetoric contributes to the explanation of inflation expectations formation.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Ullrich, Katrin (2007) Inflation Expectations of Experts and ECB Communication. Open Access [Working paper]
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