Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/24000
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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 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_US
dc.language.isoengen_US
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen_US
dc.relation.ispartofseries|aZEW Discussion Papers |x04-01en_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-

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