A Note on the Impact of News on US Household Inflation Expectations

Monthly dis-aggregated US data from 1978 to 2016 reveals that exposure to news on inflation and monetary policy helps to explain inflation expectations. This remains true when control- ling for household personal characteristics, perceptions of government policy effectiveness, future interest rates and unemployment expectations, and sentiment. We find an asymmetric impact of news on inflation and monetary policy after 1983, with news on rising inflation and easier monetary policy having a stronger effect in comparison to news on lowering inflation and tightening monetary policy. Our results indicate the impact on inflation expectations of monetary policy news manifested through consumer sentiment during the lower bound period

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Year of publication:	2020
Authors:	Wang, Ben Zhe ; Sheen, Jeffrey ; Trück, Stefan ; Chao, Shih-Kang ; Härdle, Wolfgang K.
Publisher:	[S.l.] : SSRN
Subject:	Privater Haushalt \| Household \| Inflationserwartung \| Inflation expectations \| Ankündigungseffekt \| Announcement effect \| Großbritannien \| United Kingdom

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Extent:	1 Online-Ressource (32 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Macroeconomic Dynamics, Volume 24, Issue 4 June 2020, pp. 995-1015 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2020 erstellt
Other identifiers:	10.2139/ssrn.3700925 [DOI]
Classification:	C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data ; D83 - Search, Learning, Information and Knowledge ; D84 - Expectations; Speculations ; E31 - Price Level; Inflation; Deflation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014093366