TY - UNPD A1 - Fendel, Ralf A1 - Frenkel, Michael A1 - Rülke, Jan-Christoph T1 - Expectations, Taylor rules, and credibility N2 - This paper analyzes the expectation formation process in Denmark, Norway, Sweden and Switzerland. We use the Consensus Economic Forecast poll and show that the forecasts are consistent with Taylor-type rules for three countries but not for Norway. This can be attributed to Norway's long period of an exchange rate targetor. Additionally, we provide evidence that the expected long-term inflation rate is consistent with both the actual average in ation rate and the inflation target for all countries. This implies that the professional forecasters understand the different monetary policy strategies among the four countries indicating that all central banks can be regarded as highly credible. T3 - WHU – Working Paper Series in Economics - WP 09/02 KW - Taylor-Regel KW - Taylor rule KW - Erwartungsbildung KW - Expectation formation KW - Geldpolitik KW - Monetary policy KW - Skandinavische Volkswirtschaften KW - Scandinavian economies KW - Dänemark KW - Denmark KW - Norwegen KW - Norway KW - Schweden KW - Sweden KW - Schweiz KW - Switzerland Y1 - 2017 UR - https://opus4.kobv.de/opus4-whu/frontdoor/index/index/docId/519 UR - https://nbn-resolving.org/urn:nbn:de:hbz:992-opus4-5197 PB - WHU - Otto Beisheim School of Management CY - Vallendar ER -