Public Attitudes to Inflation and Monetary Policy

9 Pages Posted: 14 Jun 2010

See all articles by Alina Barnett

Alina Barnett

Bank of England

Clare Macallan

Bank of England - Monetary Assessment and Strategy Division

Silvia Pezzini

Hong Kong Monetary Authority

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Date Written: June 14, 2010

Abstract

Inflation has been volatile in the past three years. This article examines how that has affected households’ attitudes to inflation and to monetary policy more generally. Some of the volatility in inflation has fed through to households’ perceptions of inflation, as measured by the Bank/GfK NOP survey. But inflation expectations have responded less than changes in perceptions: households may have placed weight on the weak economic environment and the inflation target rather than simply extrapolating past trends in prices. Public satisfaction with the Bank, which deteriorated between 2007 and 2009, has improved in recent quarters.

Suggested Citation

Barnett, Alina and Macallan, Clare and Pezzini, Silvia, Public Attitudes to Inflation and Monetary Policy (June 14, 2010). Bank of England Quarterly Bulletin 2010 Q2. Available at SSRN: https://ssrn.com/abstract=1624872

Alina Barnett (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Clare Macallan

Bank of England - Monetary Assessment and Strategy Division ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom

Silvia Pezzini

Hong Kong Monetary Authority ( email )

3 Garden Road, 30th Floor
Hong Kong
Hong Kong

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