IDEAS home Printed from https://ideas.repec.org/p/mar/magkse/201821.html
   My bibliography  Save this paper

Survey on Germans’ Attitudes Towards and Knowledge of Monetary Policy Issues: Documentation of Survey Methodology and Descriptive Results

Author

Listed:
  • Bernd Hayo

    (University of Marburg)

  • Edith Neuenkirch

Abstract

This paper provides background information, questionnaires, and basic descriptive statistics for a representative survey of the German population conducted on our behalf by GfK in 2011. Our aim is to discover the German public’s knowledge about the ECB specifically, and monetary policy in general. We also examine our respondents’ self-perception of their knowledge and how they use media relating to the topic. A detailed descriptive analysis reveals that the German public’s factual knowledge is far from perfect, and their self-perception of this knowledge is equally poor. The general public is reasonably interested in information about the ECB and mainly watches TV or reads newspapers to keep informed. We discover significant differences in knowledge and media use across socio-demographic subgroups. On average, male respondents and those with higher levels of education or income are more interested in the ECB, more knowledgeable about it, and more confident in their own knowledge.

Suggested Citation

  • Bernd Hayo & Edith Neuenkirch, 2018. "Survey on Germans’ Attitudes Towards and Knowledge of Monetary Policy Issues: Documentation of Survey Methodology and Descriptive Results," MAGKS Papers on Economics 201821, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:201821
    as

    Download full text from publisher

    File URL: https://www.uni-marburg.de/fb02/makro/forschung/magkspapers/paper_2018/21-2018_hayo.pdf
    File Function: First 201821
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Joachim R. Frick & Markus M. Grabka, 2007. "Item Non-response and Imputation of Annual Labor Income in Panel Surveys from a Cross-National Perspective," SOEPpapers on Multidisciplinary Panel Data Research 49, DIW Berlin, The German Socio-Economic Panel (SOEP).
    2. Hayo, Bernd & Neuenkirch, Edith, 2014. "The German public and its trust in the ECB: The role of knowledge and information search," Journal of International Money and Finance, Elsevier, vol. 47(C), pages 286-303.
    3. Alba, Joseph W & Hutchinson, J Wesley, 2000. "Knowledge Calibration: What Consumers Know and What They Think They Know," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 27(2), pages 123-156, September.
    4. Bernd Hayo & Edith Neuenkirch, 2018. "The influence of media use on layperson monetary policy knowledge in Germany," Scottish Journal of Political Economy, Scottish Economic Society, vol. 65(1), pages 1-26, February.
    5. Susanne Rässler & Regina Riphahn, 2006. "Survey item nonresponse and its treatment," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 90(1), pages 217-232, March.
    6. Jay P. Carlson & Leslie H. Vincent & David M. Hardesty & William O. Bearden, 2009. "Objective and Subjective Knowledge Relationships: A Quantitative Analysis of Consumer Research Findings," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 35(5), pages 864-876, October.
    7. Ellen, Pam Scholder, 1994. "Do we know what we need to know? Objective and subjective knowledge effects on pro-ecological behaviors," Journal of Business Research, Elsevier, vol. 30(1), pages 43-52, May.
    8. Inglehart, Ronald, 1971. "The Silent Revolution in Europe: Intergenerational Change in Post-Industrial Societies," American Political Science Review, Cambridge University Press, vol. 65(4), pages 991-1017, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bernd Hayo & Edith Neuenkirch, 2015. "The Influence of Media Use on Laymen’s Monetary Policy Knowledge in Germany," MAGKS Papers on Economics 201511, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Alan S. Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2024. "Central Bank Communication with the General Public: Promise or False Hope?," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 425-457, June.
    3. Erjon Nexhipi, 2022. "The difference in consumer attitudes of locally grown apples with imported apples. the case of Korca Region, Albania:," Technium Social Sciences Journal, Technium Science, vol. 37(1), pages 250-264, November.
    4. Kwon, Kyoung-Nan & Lee, Jinkook, 2009. "The effects of reference point, knowledge, and risk propensity on the evaluation of financial products," Journal of Business Research, Elsevier, vol. 62(7), pages 719-725, July.
    5. Andrews, J. Craig & Netemeyer, Richard & Burton, Scot & Kees, Jeremy, 2021. "What consumers actually know: The role of objective nutrition knowledge in processing stop sign and traffic light front-of-pack nutrition labels," Journal of Business Research, Elsevier, vol. 128(C), pages 140-155.
    6. Ziegelmeyer, Michael, 2009. "Documentation of the logical imputation using the panel structure of the 2003-2008 German SAVE Survey," Sonderforschungsbereich 504 Publications 08-41, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    7. Hu, Han-fen & Krishen, Anjala S. & Barnes, Jesse, 2023. "Through narratives we learn: Exploring knowledge-building as a marketing strategy for prosocial water reuse," Journal of Business Research, Elsevier, vol. 158(C).
    8. Zhan, Lingjing & He, Yanqun, 2012. "Understanding luxury consumption in China: Consumer perceptions of best-known brands," Journal of Business Research, Elsevier, vol. 65(10), pages 1452-1460.
    9. van Rijnsoever, Frank J. & Farla, Jacco C.M., 2014. "Identifying and explaining public preferences for the attributes of energy technologies," Renewable and Sustainable Energy Reviews, Elsevier, vol. 31(C), pages 71-82.
    10. House, Lisa & Lusk, Jayson L. & Jaeger, Sara & Traill, W. Bruce & Moore, Melissa & Valli, Carlotta & Morrow, Bert & Yee, Wallace M.S., 2004. "Objective And Subjective Knowledge: Impacts On Consumer Demand For Genetically Modified Foods In The United States And The European Union," 2004 Annual meeting, August 1-4, Denver, CO 20125, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. Hayo, Bernd & Méon, Pierre-Guillaume, 2023. "Measuring Household Inflation Perceptions and Expectations: The Effect of Guided vs Non-Guided Inflation Questions," Journal of Macroeconomics, Elsevier, vol. 78(C).
    12. Hayo, Bernd & Méon, Pierre-Guillaume, 2024. "Preaching to the agnostic: Inflation reporting can increase trust in the central bank but only among people with weak priors," Journal of International Money and Finance, Elsevier, vol. 142(C).
    13. Michael Ziegelmeyer, 2013. "Illuminate the unknown: evaluation of imputation procedures based on the SAVE survey," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 97(1), pages 49-76, January.
    14. Manika, Danae & Dickert, Stephan & Golden, Linda L., 2021. "Check (it) yourself before you wreck yourself: The benefits of online health information exposure on risk perception and intentions to protect oneself," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    15. Bernd Hayo & Florian Neumeier, 2018. "Central bank Independence in New Zealand: Public Knowledge About and Attitude Towards the Policy Target Agreement," MAGKS Papers on Economics 201829, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    16. Peschel, Anne & Grebitus, Carola & Steiner, Bodo & Veeman, Michele, 2016. "How does consumer knowledge affect environmentally sustainable choices? Evidence from a cross-country latent class analysis of food labels," MPRA Paper 69864, University Library of Munich, Germany.
    17. Bernd Hayo & Florian Neumeier, 2022. "Households’ inflation perceptions and expectations: survey evidence from New Zealand," International Economics and Economic Policy, Springer, vol. 19(1), pages 185-217, February.
    18. Qian, Lixian & Soopramanien, Didier & Daryanto, Ahmad, 2017. "First-time buyers' subjective knowledge and the attribute preferences of Chinese car buyers," Journal of Retailing and Consumer Services, Elsevier, vol. 36(C), pages 189-196.
    19. Yong-Wan Park & Paul M. Herr & Byung Cho Kim, 2023. "Meaningless procedures can be meaningful for information security: consumer use of single and multiple cues in information security inferences," Marketing Letters, Springer, vol. 34(3), pages 449-461, September.
    20. Hayo, Bernd & Neumeier, Florian, 2020. "Public knowledge about and attitudes towards central bank independence in New Zealand," Journal of Banking & Finance, Elsevier, vol. 113(C).

    More about this item

    Keywords

    Household survey; Germany; Monetary policy; European Central Bank; Public preferences; Economic literacy;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mar:magkse:201821. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bernd Hayo (email available below). General contact details of provider: https://edirc.repec.org/data/vamarde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.