Three dimensions of central bank credibility and inferential expectations: The Euro zone

Henckel, T; Menzies, GD; Moffatt, P; Zizzo, DJ

Three dimensions of central bank credibility and inferential expectations: The Euro zone

Henckel, T Menzies, GD

Moffatt, P Zizzo, DJ

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Publication Type:: Journal Article
Citation:: Journal of Macroeconomics, 2019, 60 pp. 294 - 308
Issue Date:: 2019-06-01

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Field	Value	Language
dc.contributor.author	Henckel, T	en_US
dc.contributor.author	Menzies, GD https://orcid.org/0000-0003-4133-2282	en_US
dc.contributor.author	Moffatt, P	en_US
dc.contributor.author	Zizzo, DJ	en_US
dc.date.available	2021-08-12T19:00:34Z
dc.date.issued	2019-06-01	en_US
dc.identifier.citation	Journal of Macroeconomics, 2019, 60 pp. 294 - 308	en_US
dc.identifier.issn	0164-0704	en_US
dc.identifier.uri	http://hdl.handle.net/10453/138770
dc.description.abstract	© 2019 We use the behavior of inflation among Eurozone countries to provide information about the degree of credibility of the European Central Bank (ECB) since 2008. We define credibility along three dimensions–official target credibility, cohesion credibility and anchoring credibility–and show in a new econometric framework that the latter has deteriorated in recent history; that is, price setters are less likely to rely on the ECB target when forming inflation expectations.	en_US
dc.relation.ispartof	Journal of Macroeconomics	en_US
dc.relation.isbasedon	10.1016/j.jmacro.2019.01.012	en_US
dc.rights	info:eu-repo/semantics/embargoedAccess
dc.subject.classification	Economics	en_US
dc.title	Three dimensions of central bank credibility and inferential expectations: The Euro zone	en_US
dc.type	Journal Article
utslib.citation.volume	60	en_US
utslib.for	1401 Economic Theory	en_US
utslib.for	1402 Applied Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	open_access	*
pubs.publication-status	Published	en_US
pubs.volume	60	en_US

Abstract:

© 2019 We use the behavior of inflation among Eurozone countries to provide information about the degree of credibility of the European Central Bank (ECB) since 2008. We define credibility along three dimensions–official target credibility, cohesion credibility and anchoring credibility–and show in a new econometric framework that the latter has deteriorated in recent history; that is, price setters are less likely to rely on the ECB target when forming inflation expectations.

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http://hdl.handle.net/10453/138770