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Public attitudes to inflation and monetary policy

Author

Listed:
  • Barnett, Alina

    () (Bank of England)

  • Macallan, Clare

    () (Bank of England)

  • Pezzini, Silvia

    () (Bank of England)

Abstract

Inflation has been volatile in the past three years. This article examines how that has affected households’ attitudes to inflation and to monetary policy more generally. Some of the volatility in inflation has fed through to households’ perceptions of inflation, as measured by the Bank/GfK NOP survey. But inflation expectations have responded less than changes in perceptions: households may have placed weight on the weak economic environment and the inflation target rather than simply extrapolating past trends in prices. Public satisfaction with the Bank, which deteriorated between 2007 and 2009, has improved in recent quarters.

Suggested Citation

  • Barnett, Alina & Macallan, Clare & Pezzini, Silvia, 2010. "Public attitudes to inflation and monetary policy," Bank of England Quarterly Bulletin, Bank of England, vol. 50(2), pages 115-123.
  • Handle: RePEc:boe:qbullt:0020
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    File URL: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2010/public-attitudes-to-inflation-and-monetary-policy.pdf?la=en&hash=2BC6C6F64A4DBBEF4248590226A078800B0419A5
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    References listed on IDEAS

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    1. Refet S. Gürkaynak & Andrew T. Levin & Eric T. Swanson, 2006. "Does inflation targeting anchor long-run inflation expectations? evidence from long-term bond yields in the U.S., U.K., and Sweden," Working Paper Series 2006-09, Federal Reserve Bank of San Francisco.
    2. Felix Ritchie, 2008. "Secure access to confidential microdata: four years of the Virtual Microdata Laboratory," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 2(5), pages 29-34, May.
    3. Macallan, Clare & Taylor, Tim & O'Grady, Tom, 2011. "Assessing the risk to inflation from inflation expectations," Bank of England Quarterly Bulletin, Bank of England, vol. 51(2), pages 100-110.
    4. Philip Bunn & Colin Ellis, 2012. "How do Individual UK Producer Prices Behave?," Economic Journal, Royal Economic Society, vol. 122(558), pages 16-34, February.
    5. Hughes, Abigail & Saleheen, Jumana, 2012. "UK labour productivity since the onset of the crisis — an international and historical perspective," Bank of England Quarterly Bulletin, Bank of England, vol. 52(2), pages 138-146.
    6. Barnett, Alina & Groen, Jan J J & Mumtaz, Haroon, 2010. "Time-varying inflation expectations and economic fluctuations in the United Kingdom: a structural VAR analysis," Bank of England working papers 392, Bank of England.
    7. Michael F. Bryan & Brent Meyer, 2010. "Are some prices in the CPI more forward looking than others? We think so," Economic Commentary, Federal Reserve Bank of Cleveland, issue May.
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    Cited by:

    1. José Antonio Murillo Garza & Paula Sánchez Romeu, 2012. "Testing the Predictive Power of Mexican Consumers' Inflation Expectations," Working Papers 2012-13, Banco de México.
    2. Millard, Stephen & O'Grady, Tom, 2012. "What do sticky and flexible prices tell us?," Bank of England working papers 457, Bank of England.

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