Comments on Monetary policy announcements and expectations: Evidence from German firms

• 成果类型: Editorial Material
• 署名作者: Bachmann, Rudiger
• 署名单位: University of Notre Dame; Center for Economic & Policy Research (CEPR)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.09.003
• 发表日期: 2019
• 页码: 64-68
• 关键词: central bank communication; Delphic effect; Firm expectations; monetary policy; survey data

摘要

Enders et al. (2019b) find that small expansionary monetary policy surprises lead to increases in firms' price and production expectations; vice versa for small contractionary monetary surprises. For larger monetary surprises of either direction, the reaction of price and production expectations tends to be dampened back to zero. This finding is explained with a differential, size-dependent mix in monetary policy surprises as regards their actual monetary policy content and their Delphic information content about how the monetary authority views the state of the economy. Policy conclusions from this result for the conduct of monetary policy and its communication are discussed. (C) 2019 Elsevier B.V. All rights reserved.