Is Monetary Policy Too Complex for the Public? Evidence from the UK

Adriel Jost

No 2017-15, Working Papers from Swiss National Bank

Abstract: Central banks have increased their engagement in the information and education of the broad public. But what can be said about the nonprofessional’s knowledge of monetary policy and central banking? Based on the Bank of England’s Inflation Attitudes Survey, I construct a score to capture the central banking knowledge of the respondents. I show that the average British person displays limited knowledge of central banking. At the same time, the data reveal that satisfaction with the Bank of England’s policies increases with a better understanding of monetary policy.

Keywords: Economic literacy; Monetary policy; Bank of England (search for similar items in EconPapers)
JEL-codes: D83 E52 E58 I21 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2017
New Economics Papers: this item is included in nep-cba, nep-edu, nep-mac and nep-mon
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Citations: View citations in EconPapers (17)

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Persistent link: https://EconPapers.repec.org/RePEc:snb:snbwpa:2017-15

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