We study how individuals' memories of inflation shape their expectations about future inflation using both surveys and … the current inflation episode to last. Information treatments in which we show people prior disinflationary experiences … similarly strongly reduce inflation expectations of individuals on average and are often recalled as inflation memories months …

As the pandemic spread across the U.S., disagreement among U.S. households about inflation expectations surged along … with the mean perceived and expected level of inflation. Simultaneously, the inflation experienced by households became … between the inflation experienced by households in their daily shopping and their perceived and expected levels of inflation …

environment affects how agents learn from new information. We show that as inflation rose in advanced economies, both households … and firms became more attentive and informed about publicly available news about inflation, leading them to respond less … to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries …

We construct an endogenous growth model that includes a cultural variable along the dimension of individualism … innovation in an individualist culture. This cultural effect may offset the negative effects of bad institutions on growth … individualism on growth through innovation. Using genetic data as instruments for culture we provide strong evidence of a causal …

Using Italian data that includes both inflation forecasts of firms and external information on their balance sheets, we … study the causal effect of changes in the dispersion of beliefs about future inflation on the misallocation of resources. We … find that as disagreement increases, so does misallocation. In times of low inflation, the aggregate TFP loss of the …