EconStor >
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim >
ZEW Discussion Papers >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/24000
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHeinemann, Friedrichen_US
dc.contributor.authorUllrich, Katrinen_US
dc.date.accessioned2009-02-16T14:47:42Z-
dc.date.available2009-02-16T14:47:42Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/24000-
dc.description.abstractThis paper analyses the impact of the monetary regime change from the Bundesbank to the ECB in 1999 on inflation expectations. In the theoretical part, the Barro-Gordon model is used to derive the potential effect of a new central bank on inflation, inflation expectations and forecast errors. The econometric investigation is based on a flexible specification of expectation formation which allows both for rational and adaptive elements. Data on inflation expectations originate from the ZEW Financial Market Survey. The results indicate that the monetary regime change did not have a strong and lasting impact on the formation of inflation expectations and that the anti-inflationary credibility of both central banks is not perceived to differ significantly. However, the analysis also reveals that the years immediately before the start of EMU were characterised by a relatively large degree of uncertainty: in this time, market participants resorted to backward-looking expectations even more than usually. This is a plausible result because of the intitial uncertainty about the new central bank?s characteristics. Once in charge of monetary policy the ECB was quickly successful to restore certainty about its true Bundesbank-like type.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 04-01en_US
dc.subject.jelE31en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordinflation expectationsen_US
dc.subject.keywordcredibilityen_US
dc.subject.keywordZEW Financial market surveyen_US
dc.subject.keywordECBen_US
dc.subject.keywordEMUen_US
dc.subject.keywordCarlson-Parkinen_US
dc.subject.stwInflationserwartungen_US
dc.subject.stwGeldverfassungen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleThe Impact of EMU on Inflation Expectationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn378727435en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:1601-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

Files in This Item:
File Description SizeFormat
dp0401.pdf397.75 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.