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Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times

  • Ehrmann, Michael

    (European Central Bank, Frankfurt/Main, Germany)

  • Soudan, Michel

    (European Central Bank, Frankfurt/Main, Germany)

  • Stracca, Livio

    (European Central Bank, Frankfurt/Main, Germany)

We study the determinants of trust in the ECB as measured by the European Commission’s Eurobarometer survey in particular during the global financial crisis and the European sovereign debt crisis. We find that the fall in trust in the ECB in crisis times can be rather well explained based on the pre-crisis determinants, and show that the fall in trust reflected the macroeconomic deterioration, a more generalised fall in the trust in European institutions in the wake of the crisis as well as the severity of the banking sector’s problems, to which the ECB was associated in the public opinion.

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File URL: http://www.ihs.ac.at/publications/eco/es-289.pdf
File Function: First version, 2012
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Paper provided by Institute for Advanced Studies in its series Economics Series with number 289.

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Length: 26 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:ihs:ihsesp:289
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  1. Fischer, Justina AV & Hahn, Volker, 2008. "Determinants of Trust in the European Central Bank," SSE/EFI Working Paper Series in Economics and Finance 695, Stockholm School of Economics.
  2. Carin van der Cruijsen & David-Jan Jansen & Jakob de Haan, 2010. "How much does the public know about the ECB's monetary policy? Evidence from a survey of Duch households," DNB Working Papers 252, Netherlands Central Bank, Research Department.
  3. Stevenson, Betsey & Wolfers, Justin, 2011. "Trust in Public Institutions over the Business Cycle," IZA Discussion Papers 5570, Institute for the Study of Labor (IZA).
  4. van der Cruijsen, Carin & Demertzis, Maria, 2011. "How anchored are inflation expectations in EMU countries?," Economic Modelling, Elsevier, vol. 28(1), pages 281-298.
  5. Blinder, Alan S. & Ehrmann, Michael & de Haan, Jakob & Fratzscher, Marcel & Jansen, David-Jan, 2008. "Central Bank communication and monetary policy: a survey of theory and evidence," Working Paper Series 0898, European Central Bank.
  6. Karl Kaltenthaler & Christopher J. Anderson & William J. Miller, 2010. "Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 48, pages 1261-1281, November.
  7. Knack, Stephen & Keefer, Philip, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1251-88, November.
  8. Christopher D Carroll, 2002. "Macroeconomic Expectations of Households and Professional Forecasters," Economics Working Paper Archive 477, The Johns Hopkins University,Department of Economics.
  9. Puhani, Patrick A, 2000. " The Heckman Correction for Sample Selection and Its Critique," Journal of Economic Surveys, Wiley Blackwell, vol. 14(1), pages 53-68, February.
  10. Bernd Hayo, 2005. "Mass Attidudes Toward Financial Crisis and Economic Reform in Korea," Marburg Working Papers on Economics 200504, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  11. Michael Ehrmann & Marcel Fratzscher, 2011. "Politics and Monetary Policy," The Review of Economics and Statistics, MIT Press, vol. 93(3), pages 941-960, August.
  12. David G. Blanchflower & Conall MacCoille, 2009. "The formation of inflation expectations: an empirical analysis for the UK," NBER Working Papers 15388, National Bureau of Economic Research, Inc.
  13. van der Cruijsen, Carin A.B. & Eijffinger, Sylvester C.W., 2010. "From actual to perceived transparency: The case of the European Central Bank," Journal of Economic Psychology, Elsevier, vol. 31(3), pages 388-399, June.
  14. Robert Mosch & Henri�tte Prast, 2008. "Confidence and trust: empirical investigations for the Netherlands and the financial sector," DNB Occasional Studies 602, Netherlands Central Bank, Research Department.
  15. J. Easaw & R. Golinelli & M. Malgarini, 2012. "Do Households Anchor their Inflation Expectations? Theory and Evidence from a Household Survey," Working Papers wp842, Dipartimento Scienze Economiche, Universita' di Bologna.
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