Policy expectation errors during the recent tightening cycle – insights from the ECB’s Survey of Monetary Analysts
This box measures the size and dynamics of policy expectation errors.
- This box measures the size and dynamics of policy expectation errors.
- Based on information from the ECB’s Survey of Monetary Analysts, it suggests that these expectation errors were driven mainly by revisions to macroeconomic expectations, indicating that analysts perceived a broadly consistent policy reaction to macroeconomic developments.