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Perceived vs. observed inflation. Perceived inflation in connection with the euro adoption
Klubíčková, Kateřina ; Schwarz, Jiří (advisor) ; Martišková, Monika (referee)
This thesis deals with the difference between observed and perceived inflation. It builds on literature which focuses on perceived inflation and its difference from observed inflation. The thesis broadens existing literature with detailed analysis of factors affecting the difference between observed and perceived inflation (inflation gap) and its size. There are numerous theoretical explanations for the gap increase which followed the euro-changeover. This thesis summarizes these reasons and analyzes what and to what extent affects the size of the inflation gap using data about awareness about the euro among public, macroeconomic (GDP, rate of inflation, rate of unemployment etc.) and social variables (sex, age). Result of the analysis is that the size of the gap is affected particularly by the euro introduction. Extent of this impact differs for men and women, but is very similar across age groups. The impact of HICP and its components in various sectors was in most models larger in periods when countries were using euro as their national currency. Hypothesis stating that the higher is the awareness about the euro among public, the smaller is the inflation gap was confirmed in models considering later waves of the euro introduction.
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Inflation targeting and inflation perceptions: an empirical analysis
Klubíčková, Kateřina ; Horváth, Roman (advisor) ; Janský, Petr (referee)
In this thesis we examine the effect of introduction of inflation targeting as a monetary policy regime on the difference between actual inflation and perceived inflation. Perceived inflation is used in the analysis in contrast with previous research, because inflation perceptions are extracted from consumer surveys conducted in individual European Union countries on the whole population sample and thereby enable us to examine the effect that the introduction of inflation targeting has across the whole population. A panel data set of 19 European Union members and 1 candidate, including 7 inflation targeters, is used in the analysis, with monthly information from the period beginning in January 1990 and ending in December 2012. Based on the analysis using fixed-effects model with specific dummy variables to capture the difference-in-differences element, we find that inflation targeters experience lower differences between actual and perceived inflation and that the difference between actual and perceived inflation decreases after the introduction of inflation targeting. Furthermore, various groups divided according to socio-economic characteristics of the consumer survey respondents tend to be affected in a different way by the introduction of inflation targeting, although to a limited extent. JEL...
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Inflation targeting and inflation perceptions: an empirical analysis
Klubíčková, Kateřina ; Horváth, Roman (advisor) ; Janský, Petr (referee)
In this thesis I examine the effect of introduction of inflation targeting as a monetary policy regime on the difference between actual inflation and perceived inflation. Perceived inflation is used in the analysis in contrast with previous research, because inflation perceptions are extracted from consumer surveys conducted in individual European Union countries on the whole population sample and thereby enable me to examine the effect that the introduction of inflation targeting has across the whole population. A panel data set of 19 European Union members and 1 candidate, including 7 inflation targeters, is used in the analysis, with monthly information from the period beginning in January 1990 and ending in December 2012. Based on the analysis using fixed-effects model with specific dummy variables to capture the difference-in-differences element, I find that inflation targeters experience lower differences between actual and perceived inflation and that the difference between actual and perceived inflation decreases after the introduction of inflation targeting. Furthermore, various groups divided according to socio-economic characteristics of the consumer survey respondents tend to be affected in a different way by the introduction of inflation targeting, although to a limited extent. JEL...
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Perceived vs. observed inflation. Perceived inflation in connection with the euro adoption
Klubíčková, Kateřina ; Schwarz, Jiří (advisor) ; Martišková, Monika (referee)
This thesis deals with the difference between observed and perceived inflation. It builds on literature which focuses on perceived inflation and its difference from observed inflation. The thesis broadens existing literature with detailed analysis of factors affecting the difference between observed and perceived inflation (inflation gap) and its size. There are numerous theoretical explanations for the gap increase which followed the euro-changeover. This thesis summarizes these reasons and analyzes what and to what extent affects the size of the inflation gap using data about awareness about the euro among public, macroeconomic (GDP, rate of inflation, rate of unemployment etc.) and social variables (sex, age). Result of the analysis is that the size of the gap is affected particularly by the euro introduction. Extent of this impact differs for men and women, but is very similar across age groups. The impact of HICP and its components in various sectors was in most models larger in periods when countries were using euro as their national currency. Hypothesis stating that the higher is the awareness about the euro among public, the smaller is the inflation gap was confirmed in models considering later waves of the euro introduction.
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