
doi: 10.2139/ssrn.4788241
handle: 10419/296569 , 10419/296131 , 10419/302397
This paper explores communication strategies for anchoring households' mediumterm inflation expectations in a high inflation environment. We conducted a survey experiment with a representative sample of 4,000 German households at the height of the recent inflation surge in early 2023, with information treatments including a qualitative statement by the ECB president and quantitative information about the ECB's inflation target or projected inflation. Inflation projections are most effective, but combining information about the target with a qualitative statement also significantly improves anchoring. The treatment effects are particularly pronounced among respondents with high financial literacy and high trust in the central bank.
anchoring of inflation expectations, ddc:330, D84, randomized controlled trial (RCT), central bank communication, Anchoring of inflation expectations, survey experiment, E52, E31
anchoring of inflation expectations, ddc:330, D84, randomized controlled trial (RCT), central bank communication, Anchoring of inflation expectations, survey experiment, E52, E31
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