Showing 1 - 8 of 8
To conduct academic research on the federal funds (fed funds) market, historically one of the most important financial markets in the U.S., some empirical economists have used market level measures published by the Markets Group at the Federal Reserve Bank of New York (FRBNY). To obtain more...
Persistent link: https://www.econbiz.de/10013099188
Understanding the formation of consumer inflation expectations is considered crucial for managing monetary policy. Using a unique 'information' experiment embedded in a survey, this paper investigates how consumers' inflation expectations respond to new information. We elicit respondents'...
Persistent link: https://www.econbiz.de/10013091713
During the Great Recession, the Federal Reserve implemented several novel programs to address adverse conditions in financial markets. Three of these temporary programs relied on an auction mechanism: the Term Auction Facility, the Term Securities Lending Facility, and the disposition of the...
Persistent link: https://www.econbiz.de/10013075093
Public expectations and perceptions of inflation may affect economic decisions, and have subsequent effects on actual inflation. The Michigan Survey of Consumers uses questions about “prices in general” to measure expected and perceived inflation. Median responses track official measure of...
Persistent link: https://www.econbiz.de/10013144442
We compare the inflation expectations reported by consumers in a survey with their behavior in a financially incentivized investment experiment designed such that future inflation affects payoffs. The inflation expectations survey is found to be informative in the sense that the beliefs reported...
Persistent link: https://www.econbiz.de/10014178234
This paper studies how inflation beliefs reported in the New York Fed’s Survey of Consumer Expectations have evolved since the start of the COVID-19 pandemic. We find that household inflation expectations responded slowly and mostly at the short-term horizon. In contrast, the data reveal...
Persistent link: https://www.econbiz.de/10014090358
We propose a new approach to assessing the anchoring of inflation expectations using “strategic surveys.” Namely, we measure households’ revisions in long-run inflation expectations after they are presented with different economic scenarios. A key advantage of this approach is that it...
Persistent link: https://www.econbiz.de/10013298391
We study the behavior of U.S. consumers’ inflation expectations during the high inflation period of 2021-22 using data from the Survey of Consumer Expectations. Short- and, to a lesser extent, medium-term inflation expectations rose as inflation surged in 2021. Disagreement and uncertainty...
Persistent link: https://www.econbiz.de/10014243285