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Gambling to preserve price (and fiscal) stability
Corsetti, Giancarlo; Maćkowiak, Bartosz - 2023
We study a model in which policy aims at aggregate price stability. A fiscal imbalance materializes that, if uncorrected, must cause inflation, but the imbalance may get corrected in the future with some probability. By maintaining price stability in the near term, monetary policy can buy time...
Persistent link: https://www.econbiz.de/10014376056
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ECB Consumer Expectations Survey : an overview and first evaluation
Bańkowska, Katarzyna; Borlescu, Ana Maria; … - 2021
The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour … coronavirus (COVID-19) pandemic, the CES has been used to gather useful information on the impact of the crisis on the household …
Persistent link: https://www.econbiz.de/10012703193
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The expectations of others
García-Lembergman, Ezequiel; Hajdini, Ina; Leer, John; … - 2024
Using a novel dataset that integrates inflation expectations with information on social network connections, we show that inflation expectations within one's social network have a positive, causal relationship with individual inflation expectations. This relationship is stronger for groups that...
Persistent link: https://www.econbiz.de/10015078554
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The Financial Content of Inflation Risks in the Euro Area
Andrade, Philippe - 2013
Recent studies emphasize that survey-based inflation risk measures are informative about future inflation and thus useful for monetary authorities. However, these data are typically available at a quarterly frequency whereas monetary policy decisions require a more frequent monitoring of such...
Persistent link: https://www.econbiz.de/10013078515
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Inflation Perceptions and Expectations in the Euro Area : The Role of News
Badarinza, Cristian; Buchmann, Marco - 2021
The aim of this study is to assess empirically to what extent the degree of heterogeneity of consumers’ inflation perceptions and expectations is driven by the flow of information related to current and future price developments in the euro area. We conduct the analysis both on an aggregate...
Persistent link: https://www.econbiz.de/10013316330
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Biases in Survey Inflation Expectations : Evidence from the Euro Area
Chen, Jiaqian; Górnicka, Lucyna; Zdarek, Vaclav - 2022
This paper documents five facts about inflation expectations in the euro area. First, individual inflation forecasts overreact to individual news. Second, the cross-section average of individual forecasts of inflation underreact to shocks initially, but overreacts in the medium term. Third,...
Persistent link: https://www.econbiz.de/10014238518
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Medium- vs. short-term consumer inflation expectations : evidence from a new euro area survey
Stanisławska, Ewa; Paloviita, Maritta - 2021
Using the ECB Consumer Expectations Survey, this paper investigates how consumers revise medium-term inflation expectations. We provide robust evidence of their adjustment to the current economic developments. In particular, consumers adjust medium-term inflation views in response to changes in...
Persistent link: https://www.econbiz.de/10012581469
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The effect of macroeconomic uncertainty on household spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
measured in follow-up surveys. Higher macroeconomic uncertainty induces households to reduce their spending on non … luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion … that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes. …
Persistent link: https://www.econbiz.de/10012519401
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The effect of macroeconomic uncertainty on household spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
measured in follow-up surveys. Higher macroeconomic uncertainty induces households to reduce their spending on non … luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion … that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes. …
Persistent link: https://www.econbiz.de/10012491975
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The effect of macroeconomic uncertainty on household spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
Persistent link: https://www.econbiz.de/10012496006