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Explaining central bank trust in an inflation-targeting country: the case of the Reserve Bank of New Zealand

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Financial Literacy, Pension, Retirement Analysis

Abstract

Abstract Employing data from a representative population survey conducted in New Zealand in 2016, this paper examines factors that influence, or are at least associated with, public trust in the Reserve Bank of New Zealand (RBNZ). The large number of specifically designed questions allows the study of the relationship between six groups of variables and RBNZ trust: (i) economic situation, (ii) monetary policy knowledge, (iii) non-specific trust, (iv) interest and information search, (v) politicians and government, and (vi) socio-demographic indicators. Using ordered logit models, we find that respondents who put more trust in RBNZ are financially satisfied, have more objective and subjective knowledge about the RBNZ, have higher trust in government institutions, are interested in the RBNZ, are older, and are self-employed. The reverse impact is found for those who do not acquire information about the RBNZ and believe that politicians foster the long-term well-being of their country. Institutional trust has the greatest economic impact.

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References

1997Does Social Capital Have an Economic Payoff? A Cross-Country Investigation 2001Trust and Growth 2000Measuring Trust*2008Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence 1997Inflation Targeting: A New Framework for Monetary Policy?1999Inflation targeting as a monetary policy rule 1995Optimal contracts for central bankers 2002Central Bank Transparency

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2022Central Bank Communication and Public Trust: The Case of ECB Speeches 2021Households’ inflation perceptions and expectations: survey evidence from New Zealand 2022Central Bank Communication with the General Public: Promise or False Hope?2020Public knowledge about and attitudes towards central bank independence in New Zealand 2022Central Bank Communication with the General Public: Promise or False Hope?

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