| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27399 |
| 来源ID | Working Paper 27399 |
| Managing Households' Expectations with Unconventional Policies | |
| Francesco D’Acunto; Daniel Hoang; Michael Weber | |
| 发表日期 | 2020-06-22 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | With a binding effective lower bound on interest rates and large government deficits, conventional policies are unviable and policymakers resort to unconventional policies, which target households' expectations directly. Using unique micro data and a difference-in-differences strategy, we assess the effectiveness of unconventional fiscal policy and forward guidance, both of which aim to stimulate consumption via raising households' inflation expectations. All households' inflation expectations and spending plans react to unconventional fiscal policy. Instead, households, contrary to experts, do not react to forward guidance. We argue that policies aiming to affect households directly are ineffective if (non-expert) households do not understand them. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w27399 |
| 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/585072 |
| 推荐引用方式 GB/T 7714 | Francesco D’Acunto,Daniel Hoang,Michael Weber. Managing Households' Expectations with Unconventional Policies. 2020. |
| 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 | ||
| w27399.pdf（1090KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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