Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/225639 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Discussion Paper No. 2020/18
Verlag: 
Freie Universität Berlin, School of Business & Economics, Berlin
Zusammenfassung: 
The European Central Bank (ECB) has adopted a mixture of conventional and unconventional tools in order to achieve its mandate of price stability in the current low-inflation, low-interest-rate scenario. This paper contributes to the existing literature by providing a taxonomy of the ECB's policy toolkit and by evaluating its implications on price stability and the anchoring of inflation expectations. I carry out my analysis based on a high-frequency identification and the estimation of a large Bayesian Vector Autoregression. I find evidence of re-anchored expectations as response to quantitative easing and forward guidance, i.e. forecasters revise their long-run expectations upwards. Consequently, inflation increases, which stresses the crucial role of expectations for the transmission of monetary policy.
Schlagwörter: 
Inflation Expectations
Monetary Policy
Large BVAR
High-frequency identification
JEL: 
E52
C55
C11
C32
E31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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