| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14905 |
| DP14905 What Matters in Households' Inflation Expectations? | |
| Philippe Andrade; Erwan Gautier; Eric Mengus | |
| 发表日期 | 2020-06-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We provide evidence that households discretize their inflation expectations so that what matters for durable consumption decisions is the broad inflation regime they expect. Using survey data, we document that a large share of the adjustment in the average inflation expectation comes from the change in the share of households expecting stable prices; these households also consume relatively less than the ones expecting positive inflation. In contrast, variations of expectations across households expecting a positive inflation rate are associated with much smaller differences in individual durable consumption choices. We illustrate how this mitigates the expectation channel of monetary policy. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Inflation expectations Euler equation Survey data Imperfect information Adjustment costs Stabilization policies |
| URL | https://cepr.org/publications/dp14905 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543847 |
| 推荐引用方式 GB/T 7714 | Philippe Andrade,Erwan Gautier,Eric Mengus. DP14905 What Matters in Households' Inflation Expectations?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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