DISPERSION OF INFLATION EXPECTATIONS IN THE EUROPEAN UNION DURING THE GLOBAL FINANCIAL CRISIS
Jan Acedanski () and
Julia Wlodarczyk ()
Additional contact information
Jan Acedanski: University of Economics in Katowice, Poland
Julia Wlodarczyk: University of Economics in Katowice, Poland
Equilibrium. Quarterly Journal of Economics and Economic Policy, 2016, vol. 11, issue 4, pages 737-749
Inflation expectations, both their median and dispersion, are of great importance to the effectiveness of monetary policy. The goal of this paper is to examine the impact of the global financial crisis on dispersion of inflation expectations in the European Union. Using European Commission’s survey data, we find that in the early phase of the crisis the dispersion dropped rapidly but then, after Lehman Brothers’ collapse, the trend reversed and these fluctuations cannot be explained by movements of inflation rates and other commonly used factors. We also observe that, in the new European Union member states, the initial drop of the dispersion was weaker whereas the subsequent rise was stronger as compared to the old member states.
Keywords: inflation expectations; survey data; global financial crisis; European Union (search for similar items in EconPapers)
JEL-codes: C33 C42 D84 E31 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:pes:ierequ:v:11:y:2016:i:4:p:737-749
Access Statistics for this article
Equilibrium. Quarterly Journal of Economics and Economic Policy is currently edited by Adam P. Balcerzak
More articles in Equilibrium. Quarterly Journal of Economics and Economic Policy from Institute of Economic Research Contact information at EDIRC.
Series data maintained by Adam P. Balcerzak ().