TY  - UNPD
A1  - Coleman, Winnie
A1  - Nautz, Dieter
T1  - Inflation expectations, inflation target credibility and the COVID-19 pandemic: new evidence from Germany
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 658
N2  - Using the exact wording of the ECB’s definition of price-stability, we started a representative online survey of German citizens in January 2019 that is designed to measure long-term inflation expectations and the credibility of the inflation target. Our results indicate that credibility has decreased in our sample period, particularly in the course of the deep recession implied by the COVID-19 pandemic. Interestingly, even though inflation rates in Germany have been clearly below 2% for several years, credibility has declined mainly because Germans increasingly expect that inflation will be much higher than 2% over the medium term. We investigate how inflation expectations and the impact of the pandemic depend on personal characteristics including age, gender, education, income, and political attitude.
T3  - CFS working paper series - 658 
KW  - Credibility of Inflation Targets
KW  - Household Inflation Expectations
KW  - Expectation Formation
KW  - Online Surveys
KW  - Covid-19 Pandemic
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/57584
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-575842
UR  - https://ssrn.com/abstract=3963298
IS  - July, 2 2021
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -