The ECB survey of Monetary Analysts: an introduction

Claus Brand and John Hutchinson

Economic Bulletin Articles, 2022, vol. 8

Abstract: Understanding the expectations of households, firms and financial markets regarding monetary policy and macroeconomic developments is important for the conduct of monetary policy. Surveys can play an important role in understanding expectations. The ECB Survey of Monetary Analysts (SMA) brings together information on financial sector expectations of monetary policy and macroeconomic developments in one coherently structured and regularly updated survey. The objective of the SMA is to “gather regular, comprehensive, structured and systematic information on market participants’ expectations”. The ECB launched the SMA as a pilot project in April 2019 and, after concluding the pilot phase, has published aggregate results since June 2021. This article looks at the structure of the survey and the rationale behind it and explains what role it plays in understanding changes in market participants’ expectations of euro area monetary policy and the macroeconomy. JEL Classification: E5, E52, E58

Keywords: central bank policy; Monetary policy (search for similar items in EconPapers)
Date: 2022-01
Note: 92649
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