
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, D84, randomized controlled trial (RCT), ddc:330, central bank communication, Anchoring of inflation expectations, survey experiment, E52, E31
anchoring of inflation expectations, D84, randomized controlled trial (RCT), ddc:330, central bank communication, Anchoring of inflation expectations, survey experiment, E52, E31
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