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Title:Inflation Expectations of Experts and ECB Communication PDF Logo
Authors:Ullrich, Katrin
Issue Date:2007
Series/Report no.:ZEW Discussion Papers 07-054
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.
Subjects:inflation expectations formation
central bank communication
Carlson-Parkin method
survey expectations
JEL:D84
D83
E58
E52
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

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