| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14930 |
| 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 |
| URL | https://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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