Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296569 
Year of Publication: 
2024
Series/Report no.: 
Hannover Economic Papers (HEP) No. 719
Publisher: 
Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät, Hannover
Abstract: 
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.
Subjects: 
Anchoring of inflation expectations
central bank communication
survey experiment
randomized controlled trial (RCT)
JEL: 
E52
E31
D84
Document Type: 
Working Paper

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