Henckel, Timo, Menzies, Gordon, Moffatt, Peter and Zizzo, Daniel (2019) Three dimensions of central bank credibility and inferential expectations: The Euro zone. Journal of Macroeconomics, 60. pp. 294-308. ISSN 0164-0704
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Abstract
We use the behavior of inflation among Eurozone countries to provide information about the degree of credibility of the European Central Bank (ECB) since 2008. We define credibility along three dimensions–official target credibility, cohesion credibility and anchoring credibility–and show in a new econometric framework that the latter has deteriorated in recent history; that is, price setters are less likely to rely on the ECB target when forming inflation expectations.
Item Type: | Article |
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Uncontrolled Keywords: | c51,d84,e31,e52,credibility,inflation,expectations,anchoring,monetary union,inferential expectations |
Faculty \ School: | Faculty of Social Sciences > School of Economics |
Depositing User: | LivePure Connector |
Date Deposited: | 19 Feb 2019 12:30 |
Last Modified: | 21 Oct 2022 21:38 |
URI: | https://ueaeprints.uea.ac.uk/id/eprint/69965 |
DOI: | 10.1016/j.jmacro.2019.01.012 |
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