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European Central Bank footprints on inflation forecast uncertainty

Makarova, S; (2018) European Central Bank footprints on inflation forecast uncertainty. Economic Inquiry , 56 (1) pp. 637-652. 10.1111/ecin.12469. Green open access

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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.ucl.ac.uk/id/eprint/1555620
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