The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications-Reference-Cited by-同舟云学术

The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications

Published:2022-08-01 Issue:3 Volume:36 Page:157-184
ISSN:0895-3309
Container-title:Journal of Economic Perspectives
language:en
Short-container-title:Journal of Economic Perspectives

Author:

Weber Michael¹,D’Acunto Francesco²,Gorodnichenko Yuriy³,Coibion Olivier⁴

Affiliation:

1. Michael Weber is Associate Professor of Finance, Booth School of Business, University of Chicago, Chicago, Illinois. Weber is a Faculty Research Fellow.

2. Francesco D’Acunto is James A. Clark Associate Professor of Finance, Economics, and Public Policy, McDonough School of Business, Georgetown University.

3. Yuriy Gorodnichenko is Quantedge Presidential Professor of Economics, University of California-Berkeley, Berkeley, California. Research Associates, National Bureau of Economic Research, Cambridge, Massachusetts.

4. Olivier Coibion is Malcolm Forsman Centennial Professor of Economics, University of Texas, Austin, Texas. Research Associates, National Bureau of Economic Research, Cambridge, Massachusetts.

Abstract

Households’ and firms’ subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households’ and firms’ economic choices in the data and help us make sense of the observed heterogeneous reactions to business-cycle shocks and policy interventions. We conclude by highlighting the relevant open questions and why tackling them is important for academic research and policymaking.

Publisher

American Economic Association

Subject

Economics and Econometrics,Economics and Econometrics

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/jep.36.3.157

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