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https://hdl.handle.net/10419/24000
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DC Field | Value | Language |
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dc.contributor.author | Heinemann, Friedrich | en |
dc.contributor.author | Ullrich, Katrin | en |
dc.date.accessioned | 2009-02-16T14:47:42Z | - |
dc.date.available | 2009-02-16T14:47:42Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/24000 | - |
dc.description.abstract | This 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.iso | eng | en |
dc.publisher | |aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheim | en |
dc.relation.ispartofseries | |aZEW Discussion Papers |x04-01 | en |
dc.subject.jel | E31 | en |
dc.subject.jel | E58 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | inflation expectations | en |
dc.subject.keyword | credibility | en |
dc.subject.keyword | ZEW Financial market survey | en |
dc.subject.keyword | ECB | en |
dc.subject.keyword | EMU | en |
dc.subject.keyword | Carlson-Parkin | en |
dc.subject.stw | Inflationserwartung | en |
dc.subject.stw | Geldverfassung | en |
dc.subject.stw | Europäische Wirtschafts- und Währungsunion | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | Deutschland | en |
dc.title | The Impact of EMU on Inflation Expectations | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 378727435 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:zewdip:1601 | en |
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