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How Much Does the Public Know about the ECB’s Monetary Policy? Evidence from a Survey of Dutch Households

Listed author(s):
  • Carin van der Cruijsen

    (De Nederlandsche Bank)

  • David-Jan Jansen

    (De Nederlandsche Bank)

  • Jakob de Haan

    (De Nederlandsche Bank, University of Groningen, CESifo)

Does the general public know what central banks do? Is this knowledge relevant? Based on a survey of Dutch households, we find that knowledge about the European Central Bank’s objectives is far from perfect. A weak desire to be informed and unawareness among respondents about their limited knowledge are barriers for improving general understanding of monetary policy. However, our results also show that more intensive use of information improves respondents’ understanding of the ECB, suggesting that communication may improve general knowledge. Finally, we find that knowledge about monetary policy objectives contributes to an individual’s ability to form inflation expectations.

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Article provided by International Journal of Central Banking in its journal International Journal of Central Banking.

Volume (Year): 11 (2015)
Issue (Month): 4 (December)
Pages: 169-218

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Handle: RePEc:ijc:ijcjou:y:2015:q:5:a:5
Contact details of provider: Web page: http://www.ijcb.org/

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  1. David-Jan Jansen & Robert Mosch & Carin Cruijsen, 2015. "When Does the General Public Lose Trust in Banks?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 48(2), pages 127-141, October.
  2. N. Gregory Mankiw & Ricardo Reis, 2002. "Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1295-1328.
  3. Ehrmann, Michael & Tzamourani, Panagiota, 2012. "Memories of high inflation," European Journal of Political Economy, Elsevier, vol. 28(2), pages 174-191.
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  6. Joshua D. Angrist & Jörn-Steffen Pischke, 2009. "Mostly Harmless Econometrics: An Empiricist's Companion," Economics Books, Princeton University Press, edition 1, number 8769.
  7. Helge Berger & Michael Ehrmann & Marcel Fratzscher, 2011. "Monetary Policy in the Media," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(4), pages 689-709, 06.
  8. Magee, L. & Robb, A. L. & Burbidge, J. B., 1998. "On the use of sampling weights when estimating regression models with survey data," Journal of Econometrics, Elsevier, vol. 84(2), pages 251-271, June.
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