The Influence of Media Use on Laymen's Monetary Policy Knowledge in Germany

MAGKS, Discussion Paper No. 11-2015

38 Pages Posted: 25 Jan 2016

See all articles by Bernd Hayo

Bernd Hayo

University of Marburg - School of Business & Economics

Edith Neuenkirch

University of Marburg - School of Business & Economics

Date Written: April 20, 2015

Abstract

We analyse German citizens’ knowledge about monetary policy and the European Central Bank (ECB), as well as the public’s use of mass communication media to obtain information about the ECB. We employ a unique representative public opinion survey of German households conducted in 2011. We find that a person’s desire to be informed about the ECB, together with the use of various media channels to keep informed, are decisive for both (i) the person’s perception of how much he or she knows about the ECB and (ii) the person’s actual knowledge. The media-related influence varies by level of education and is stronger for subjective knowledge. Women are significantly less interested in and knowledgeable about the ECB. We conclude that the ECB is not only well advised to continue with education programmes designed to convince the public of the importance of knowing about monetary policy, but to take the gender-specific differences into account in doing so.

Keywords: ECB, Economic knowledge, Subjective knowledge, Information

JEL Classification: A20, E52, E58

Suggested Citation

Hayo, Bernd and Neuenkirch, Edith, The Influence of Media Use on Laymen's Monetary Policy Knowledge in Germany (April 20, 2015). MAGKS, Discussion Paper No. 11-2015, Available at SSRN: https://ssrn.com/abstract=2721736 or http://dx.doi.org/10.2139/ssrn.2721736

Bernd Hayo (Contact Author)

University of Marburg - School of Business & Economics ( email )

Universitaetsstr. 24
Marburg, D-35032
Germany
++49(0)6421-28-23091 (Phone)
++49(0)6421-28-23193 (Fax)

Edith Neuenkirch

University of Marburg - School of Business & Economics ( email )

Am Plan 2
Marburg, D-35037
Germany

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