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How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

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  • van der Cruijsen, Carin
  • Jansen, David-Jan
  • de Haan, Jakob

Abstract

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a weak desire to be informed and unawareness of insufficient knowledge are barriers for improving the public's understanding of monetary policy. However, our results also show that more intensive use of information improves understanding, suggesting that the media channel may play an important and constructive role in building knowledge. Finally, we find that knowledge on monetary policy objectives contributes to an individual's ability to form realistic inflation expectations. JEL Classification: D12, D84, E52, E58

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 1265.

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Date of creation: Nov 2010
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Handle: RePEc:ecb:ecbwps:20101265

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Keywords: ECB; financial literacy; inflation expectations; knowledge; monetary policy; transparency;

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Cited by:
  1. Federica Teppa & Corrie Vis, 2012. "The CentERpanel and the DNB Household Survey: Methodological Aspects," DNB Occasional Studies 1004, Netherlands Central Bank, Research Department.
  2. Muhammad Azmat Hayat & Etienne Farvaque, 2012. "Public Attitudes towards Central Bank Independence: Lessons From the Foundation of the ECB," Working Papers hal-00988169, HAL.
  3. Ehrmann, Michael & Soudan, Michel & Stracca, Livio, 2012. "Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times," Economics Series 289, Institute for Advanced Studies.
  4. Bernd Hayo & Edith Neuenkirch, 2013. "The German Public and its Trust in the ECB: The Role of Knowledge and Information Search," MAGKS Papers on Economics 201347, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  5. Petra Geraats, 2014. "Monetary Policy Transparency," CESifo Working Paper Series 4611, CESifo Group Munich.
  6. Pierre-Guillaume Méon & Geoffrey Minne, 2011. "Mark my Words: Information and the Fear of Declaring one’s Exchange Rate Regime," Working Papers CEB 11-040, ULB -- Universite Libre de Bruxelles.
  7. Timo Henckel & Shaun Vahey & Liz Wakerly, 2011. "Probabilistic Interest Rate Setting With A Shadow Board: A Description Of The Pilot Project," CAMA Working Papers 2011-27, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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