Makarova, S;
(2018)
European Central Bank footprints on inflation forecast uncertainty.
Economic Inquiry
, 56
(1)
pp. 637-652.
10.1111/ecin.12469.
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Makarova, EUROPEAN CENTRAL BANK FOOTPRINTS ON INFLATION FORECAST UNCERTAINTY, Accepted.pdf - Accepted Version Download (811kB) | Preview |
Abstract
The finding of the paper shows the relative effectiveness of the "one size fits all" policy of the European Central Bank. The paper provides strong evidence in favor of this by testing whether the monetary policy effects (footprints) found in inflation uncertainty converge to a common level. These footprints are measured as the fraction of the estimated policy-induced reduction in this uncertainty. The testing was conducted by applying a bootstrap-type test in a regression of the rate of growth of these fractions on their initial values, computed for 16 euro area countries.
| Type: | Article |
|---|---|
| Title: | European Central Bank footprints on inflation forecast uncertainty |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1111/ecin.12469 |
| Publisher version: | http://doi.org/10.1111/ecin.12469 |
| Language: | English |
| Additional information: | © 2017 Western Economic Association International. This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Inflation ex-post uncertainty, monetary policy, country effects, inflation forecasting, euro area uncertainty |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/1555620 |
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