ResearchResearch Projects
Kennen Haushalte die geldpolitische Strategie der EZB? Implikationen für Zentralbankkommunikation und die Verankerung von makroökonomischen Erwartungen

Are households aware of the monetary policy strategy of the ECB? Implications for central bank communications and the anchoring of macroeconomic expectations

Led by:  Prof. Dr. Lena Dräger
Team:  Prof. Dr. Lena Dräger, Dr. Giang Nghiem
Year:  2022
Funding:  Deutsche Bundesbank
Duration:  2022-2024

The project analyzes the research question whether households in Germany are aware of the monetary policy strategy by the ECB, which was adjusted in mid-2021. We evaluate which type of information about the strategy has the strongest influence on macroeconomic expectations, saving and consumption decisions by households as well as their trust in monetary policy institutions. For instance, this allows to identify the effect of central bank communication on the anchoring of short- and long-run inflation expectations by households. The effects are causally identified by running a survey experiments with randomized control trials (RCTs) using information treatments.