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Preaching to the agnostic: Inflation reporting can increase trust in the central bank but only among people with weak priors

par Hayo, Bernd;Méon, Pierre-Guillaume
Référence Journal of international money and finance, 142, 103037
Publication Publié, 2024-04

Article révisé par les pairs

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Résumé :

Using a survey experiment, we study whether showing German respondents a graph representing the European Central Bank's inflation target alongside euro area inflation from 1999 to 2017 affects respondents’ trust in the ECB. On average, the treatment has no significant effect. However, it does increase trust in the ECB among respondents with no entrenched views, proxied by those who report no preference for any political party. Within this group, information about the actual path of the inflation rate, rather than information about the inflation target itself, appears to be the main driver of the treatment's effect.