Where do they care?: The ECB in the media and inflation expectations

Vegard Larsen, Nicolò Maffei-Faccioli and Laura Pagenhardt

No 2023/4, Working Paper from Norges Bank

Abstract: This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, we measure the impact of ECB-related inflation news on inflation expectations. Our results indicate that German and Italian consumers are more attentive to this news, whereas in Spain and France, we observe no significant response. The research underscores the role of national media in disseminating ECB messages and the diverse reactions among consumers in different euro area countries.

Keywords: ECB; Inflation expectations; News coverage; Textual analysis. (search for similar items in EconPapers)
JEL-codes: D80 E32 E66 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2023-04-26
New Economics Papers: this item is included in nep-eec and nep-mon
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https://hdl.handle.net/11250/3073358

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Persistent link: https://EconPapers.repec.org/RePEc:bno:worpap:2023_4

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