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Factors Driving Consumers’ Inflation Expectations: Does the Central Bank’s Inflation Forecast Really Matter?

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  • Magdalena Szyszko
  • Piotr Płuciennik

Abstract

This article examines the relationship between consumer expectations and inflation forecasts by the central bank. We assume that the inflation forecast is one of the factors influencing expectations. The vector error correction model is employed to test our hypothesis. The research covers the Bank of England, the Bank of Sweden, and the Czech National Bank from 2001–2015. Our results confirm the interrelation of inflation forecasts and expectations. The research contributes to the literature on inflation expectations and on inflation forecast targeting.

Suggested Citation

  • Magdalena Szyszko & Piotr Płuciennik, 2018. "Factors Driving Consumers’ Inflation Expectations: Does the Central Bank’s Inflation Forecast Really Matter?," Eastern European Economics, Taylor & Francis Journals, vol. 56(4), pages 307-328, July.
    • Handle: RePEc:mes:eaeuec:v:56:y:2018:i:4:p:307-328
    DOI: 10.1080/00128775.2018.1467781
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    Cited by:

    1. Pooja Kapoor & Sujata Kar, 2022. "A Critical Evaluation of the Consumer Confidence Survey from India," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 172-198.
    2. Pooja Kapoor & Sujata Kar, 2023. "A review of inflation expectations and perceptions research in the past four decades: a bibliometric analysis," International Economics and Economic Policy, Springer, vol. 20(2), pages 279-302, May.

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