Type
Article
Titre
Do Central Bank forecasts influence private agents? Forecasting Performance vs. Signals
Dans
Journal of Money, Credit and Banking
Éditeur
US : John Wiley & Sons
Volume
47
Numéro
4
Pages
771–789 - 789 p.
ISSN
00222879
DOI
10.1111/jmcb.12227
Mots clés
Monetary policy, Imperfect information, Communication, Forecasts
Résumé
EN
Focusing on a set of central banks that publish inflation forecasts in real time, this paper aims to establish whether central bank inflation forecasts influence private inflation forecasts. The response is positive in the five countries studied: Sweden, the United Kingdom, Canada, Switzerland, and Japan. Three hypotheses may explain this central bank influence: central bank forecasts are more accurate than private ones, are based on different information sets, and/or convey signals about future policy decisions and policymakers’ preferences and objectives. We provide evidence that the source of these central banks’ influence is not linked to their forecasting performance.

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