| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26237 |
| 来源ID | Working Paper 26237 |
| Exposure to Daily Price Changes and Inflation Expectations | |
| Francesco D’Acunto; Ulrike Malmendier; Juan Ospina; Michael Weber | |
| 发表日期 | 2019-09-09 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We show that, to form aggregate inflation expectations, consumers rely on the price changes they face in their daily lives while grocery shopping. Specifically, the frequency and size of price changes, rather than their expenditure share, matter for individuals' inflation expectations. To document these facts, we collect novel micro data for a representative US sample that uniquely match individual expectations, detailed information about consumption bundles, and item-level prices. Our results suggest that the frequency and size of grocery-price changes to which consumers are personally exposed should be incorporated in models of expectations formation. Central banks' focus on core inflation---which excludes grocery prices---to design expectations-based policies might lead to systematic mistakes. |
| 主题 | Econometrics ; Data Collection ; Microeconomics ; Households and Firms ; Economics of Information ; Behavioral Economics ; Macroeconomics ; Business Cycles ; Monetary Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26237 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583909 |
| 推荐引用方式 GB/T 7714 | Francesco D’Acunto,Ulrike Malmendier,Juan Ospina,et al. Exposure to Daily Price Changes and Inflation Expectations. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26237.pdf（537KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
