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Abstract In July 2021, the ECB decided to implement a new monetary policy strategy. Arguably, its two most important aspects are the introduction of a symmetric inflation target around 2% and the consideration of global warming in the conduct of its monetary policy. I am planning to run a representative survey on the German population, with the aim of measuring people's knowledge and attitude towards monetary policy and inflation. Within this survey of 2000 respondents, I would like to include an information treatment, which is based on providing information about (i) the new inflation target and (ii) the consideration of global warming. For this purpose, the respondents are randomly allocated to three groups (the groups treated with (i), (ii), and the control group). As control variables, I am planning to collect socio-demographic variables, economic and political variables, subjective and objective monetary policy knowledge, inflation perception and expectation, as well as attitudes towards monetary policy issues and global warming. Some hypotheses: A) Generally, information about the new monetary policy reduces people's trust in the ECB. B) Generally, information about the new monetary policy reduces people's perception of the ECB's degree of independence. C) Conditional on people's inflation perception and expectations, trust and independence are even more negatively influenced after information treatment (i). D) Conditional on people's monetary policy knowledge, trust and independence are even more negatively influenced after information treatment (i). E) Conditional on people's concern about global warming, trust and independence are positively influenced after information treatment (ii). F) The strength of the treatment effects depends on the sources people use to inform themselves about monetary policy and inflation. In addition to the analysis of the treatments, the project will study people's attitudes towards the ECB's monetary policy reform in a more descriptive form of investigation (e.g., answer frequencies, bivariate and multivariate associations). In July 2021, the ECB decided to implement a new monetary policy strategy. Arguably, its two most important aspects are the introduction of a symmetric inflation target around 2% and the consideration of global warming in the conduct of its monetary policy. I am planning to run a representative survey on the German population, with the aim of measuring people's knowledge and attitude towards monetary policy and inflation. Within this survey of 2000 respondents, I would like to include an information treatment, which is based on providing information about (i) the new inflation target and (ii) the consideration of global warming. For this purpose, the respondents are randomly allocated to three groups (the groups treated with (i), (ii), and the control group). As control variables, I am planning to collect socio-demographic variables, economic and political variables, subjective and objective monetary policy knowledge, inflation perception and expectation, as well as attitudes towards monetary policy issues and global warming. Some hypotheses: A) Generally, information about the new monetary policy reduces people's trust in the ECB. B) Generally, information about the new monetary policy reduces people's perception of the ECB's degree of independence. C) Conditional on people's inflation perception and expectations, trust and independence are even more negatively influenced after information treatment (i). D) Conditional on people's monetary policy knowledge, trust and independence are even more negatively influenced after information treatment (i). E) Conditional on people's interest in monetary policy, trust and independence are even influenced differently after information treatment (i). F) Conditional on people's concern about global warming, trust and independence are positively influenced after information treatment (ii). G) The strength of the treatment effects depends on the sources people use to inform themselves about monetary policy and inflation. H) The effectiveness of the treatment depends on people's perception of past and current as well as future inflation. In addition to the analysis of the treatments, the project will study people's attitudes towards the ECB's monetary policy reform in a more descriptive form of investigation (e.g., answer frequencies, bivariate and multivariate associations).
Trial Start Date December 08, 2021 December 10, 2021
Last Published December 07, 2021 12:07 PM December 09, 2021 03:27 AM
Intervention Start Date December 08, 2021 December 10, 2021
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