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12 maart 2014 Onderzoek

We investigate whether ECB balance sheet policy announcements in the wake of the global financial crisis have affected the ECB.s monetary policy credibility as measured by long-term inflation expectations, by looking at their effects on euro area inflation swap rates of maturities up to 10 years. We consider asset purchase programmes and long-term refinancing operations with maturities above 6 months. We find that these announcements only led to a slight increase in long-term inflation expectations. We therefore find no strong evidence to suggest that ECB balance sheet policy announcements have led to much higher long-term inflation expectations, suggesting that the monetary policy credibility of the ECB has not been harmed by these policies.
Key words: Monetary policy, central bank communication, balance sheet policies, inflation expectations.
JEL classification: E52, E58.

Working paper no. 416

416 - Effects of ECB balance sheet policy announcements on inflation expectations



  • Richhild Moessner