G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14930
DP14930 Exposure to Grocery Prices and Inflation Expectations
Ulrike M. Malmendier
发表日期2020-06-24
出版年2020
语种英语
摘要We show that, when forming expectations about aggregate inflation, consumers rely on the prices of goods in their personal grocery bundles. Our analysis uses novel representative micro data that uniquely match individual expectations, detailed information about consumption bundles, and item-level prices. The data also reveal that the weights consumers assign to price changes depend on the frequency of purchase, rather than expenditure share, and that positive price changes loom larger than similar-sized negative price changes. Prices of goods offered in the same store but not purchased (any more) do not affect inflation expectations, nor do other dimensions such as the volatility of price changes. Our results provide empirical guidance for models of expectations formation with heterogeneous consumers.
主题Financial Economics ; Macroeconomics and Growth
关键词Beliefs formation Inflation expectations Heterogeneous agents Macroeconomics with micro data Household finance Behavioral finance
URLhttps://cepr.org/publications/dp14930
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/543873
推荐引用方式
GB/T 7714
Ulrike M. Malmendier. DP14930 Exposure to Grocery Prices and Inflation Expectations. 2020.
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