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Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
Deutsche Bundesbank Discussion Paper No. 27/2023
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
We study how households adjust their medium-term inflation expectations under the new ECB strategy. We find that survey respondents make little difference between the previous strategy of targeting inflation rates close to but below 2% and the new strategy with a symmetric 2% target. Yet, participants informed that the ECB might tolerate rates exceeding the target for some time, expect somewhat higher medium-term inflation. Respondents asked to assume inflation currently running below target place a significantly higher probability on outcomes above 2% in the medium term. Participants do not expect an undershooting when inflation is currently running above target.
Schlagwörter: 
Monetary Policy Strategy
Household Inflation Expectations
Randomized Control Trial
Survey Data
JEL: 
F33
E31
E32
ISBN: 
978-3-95729-958-1
Dokumentart: 
Working Paper
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