文章基本信息

标题：The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence from Firms in the United Kingdom
本地全文：下载
作者：Lena Boneva ; James Cloyne ; Martin Weale 等
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2016
出版社：IJCB Publications Fulfillment
摘要：This paper investigates the effect of quantitative easing (QE) and other unconventional monetary policies on price and wage growth expectations of UK manufacturing firms. To identify the effect of QE on firms’ expectations, we use a novel approach of combining microeconometric data with macroeconomic shocks: QE is exogenous to inflation expectations of individual firms, and so are other macroeconomic developments like aggregate inflation or GDP growth. We find that firms’ price and wage inflation expectations increase by 0.22 percentage points in response to £50 billion of QE, implying that inflation expectations are part of the transmission mechanism of QE. In contrast, we find a positive but small and insignificant effect of forward guidance on price and wage inflation expectations