| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17094 |
| DP17094 What Do the Data Tell Us About Inflation Expectations? | |
| Francesco D'Acunto; Ulrike M. Malmendier; Michael Weber | |
| 发表日期 | 2022-03-08 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Inflation expectations are central to economics because they affect the effectiveness of fiscal and monetary policy as well as realized inflation. We survey the recent literature with a focus on the inflation expectations of households. We first review standard data sources and discuss their advantages and disadvantages. We then document that household inflation expectations are biased upwards, dispersed across individuals, and volatile in the time series. We also provide evidence of systematic differences by gender, income, education, and race. Turning to the underlying expectations formation process, we highlight the role of individuals' exposure to price signals in their daily lives, such as price changes in groceries, the role of lifetime experiences, and the role of cognition. We then discuss the literature that links inflation expectations to economic decisions at the individual level, including consumption-savings and financial decisions. We conclude with an outlook for future research. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Beliefs formation Heterogeneous agents Macroeconomics with micro data Inflation exposure Experience effects Financial sophistication |
| URL | https://cepr.org/publications/dp17094 |
| 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/546064 |
| 推荐引用方式 GB/T 7714 | Francesco D'Acunto,Ulrike M. Malmendier,Michael Weber. DP17094 What Do the Data Tell Us About Inflation Expectations?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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