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dc.contributor.authorHeinemann, Friedrichen
dc.contributor.authorUllrich, Katrinen
dc.date.accessioned2009-02-16T14:47:42Z-
dc.date.available2009-02-16T14:47:42Z-
dc.date.issued2004-
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 in1999 on inflation expectations. In the theoretical part, the Barro-Gordon model is used to derivethe 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 whichallows both for rational and adaptive elements. Data on inflation expectations originate from theZEW Financial Market Survey. The results indicate that the monetary regime change did not havea strong and lasting impact on the formation of inflation expectations and that the anti-inflationarycredibility of both central banks is not perceived to differ significantly. However, the analysis alsoreveals that the years immediately before the start of EMU were characterised by a relatively largedegree of uncertainty: in this time, market participants resorted to backward-looking expectationseven more than usually. This is a plausible result because of the intitial uncertainty about the newcentral bank?s characteristics. Once in charge of monetary policy the ECB was quickly successfulto restore certainty about its true Bundesbank-like type.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x04-01en
dc.subject.jelE31en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordinflation expectationsen
dc.subject.keywordcredibilityen
dc.subject.keywordZEW Financial market surveyen
dc.subject.keywordECBen
dc.subject.keywordEMUen
dc.subject.keywordCarlson-Parkinen
dc.subject.stwInflationserwartungen
dc.subject.stwGeldverfassungen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleThe Impact of EMU on Inflation Expectations-
dc.typeWorking Paperen
dc.identifier.ppn378727435en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:1601en

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