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Preaching to the agnostic: Inflation reporting can increase trust in the central bank but only among people with weak priors

Bernd Hayo and Pierre-Guillaume Méon

No 23-007, Working Papers CEB from ULB -- Universite Libre de Bruxelles

Abstract: Using a randomized controlled trial, we study whether showing German respondents a graph plotting the European Central Bank’s inflation target alongside inflation in the euro area from 1999 to 2017 affects respondents’ trust in the ECB. The treatment has, on average, no significant effect on the level of trust in the ECB respondents report, but trust increases among respondents who report no preference for any political party. Within this group, the information about the actual development of the inflation rate, and not information about the inflation target itself, appears to be the main driving force.

Keywords: Central bank trust; European Central Bank; Central bank communication; Monetary policy; Germany; Household survey; RCT (search for similar items in EconPapers)
JEL-codes: E52 E58 Z10 (search for similar items in EconPapers)
Date: 2023-08-31
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-exp, nep-mon and nep-soc
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Working Paper: Preaching to the Agnostic: Inflation Reporting Can Increase Trust in the Central Bank but Only among People with Weak Priors (2023) Downloads
Working Paper: Preaching to the agnostic: Inflation reporting can increase trust in the central bank but only among people with weak priors (2022) Downloads
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