Monetary policy shocks and consumer expectations in the euro area

• 成果类型: Article
• 署名作者: Geiger, Martin; Gruendler, Daniel; Scharler, Johann
• 署名单位: University of Innsbruck
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2022.103708
• 发表日期: 2023
• 关键词: Macroeconomic expectations; FAVAR; monetary policy; High-frequencyidentification

摘要

We study how consumers assess the effects of monetary policy shocks in euro area countries using survey data. Our findings provide evidence that consumers form expectations in a way that is broadly consistent with empirical and theoretical models of the monetary transmission mechanism, both at the aggregate level and at the country level. Although the euro area coun-tries are characterized by economic and institutional heterogeneity, consumers' interpretations of the macroeconomic effects of monetary policy are relatively homogenous. Monetary policy is particularly effective in coordinating consumer price expectations, while the updating of unem-ployment expectations is more disperse across countries.(c) 2022 Elsevier B.V. All rights reserved.