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Dietrich, Alexander M.; Afrouzi, Hassan; Myrseth, … - 2024

We document novel survey-based facts about preferred long-run inflation rates among US consumers. Consumers on average prefer a 0.20% annual inflation rate, well below the Federal Reserve's 2% target. Inflation preferences not only correlate with demographic and socioeconomic characteristics,...

Persistent link: https://www.econbiz.de/10014551306

Managing Households' Expectations with Unconventional Policies

D'Acunto, Francesco - 2020

With a binding effective lower bound on interest rates and large government deficits, conventional policies are unviable and policymakers resort to unconventional policies, which target households' expectations directly. Using unique micro data and a difference-in-differences strategy, we assess...

Persistent link: https://www.econbiz.de/10012848266

Inflationary Household Uncertainty Shocks

Ambrocio, Gene - 2022

I construct a novel measure of household uncertainty based on survey data for European countries. I show that household … uncertainty shocks do not universally behave like negative demand shocks. Notably, household uncertainty shocks are largely … average markups along with monetary policy play a role in the transmission of household uncertainty to inflation.These results …

Persistent link: https://www.econbiz.de/10013302733

Consumption categories, household attention, and inflation expectations : implications for optimal monetary policy

Dietrich, Alexander M. - 2023

expectations for disaggregated consumption categories, I find household expectations are disproportionately driven by beliefs about …

Persistent link: https://www.econbiz.de/10014284065

Effects of Monetary Policy on Household Expectations : The Role of Homeownership

Ahn, Hie Joo; Yang, Choongryul - 2023

We study the role of homeownership in the effectiveness of monetary policy on households' expectations. Empirically, we find that homeowners revise down their near-term inflation expectations and their optimism about future labor market conditions in response to a rise in mortgage rates, while...

Persistent link: https://www.econbiz.de/10014355012

Greater than the sum of its parts : aggregate vs aggregated inflation expectations

Dietrich, Alexander M.; Knotek, Edward S.; Myrseth, … - 2024 - This version: February 2024

This paper introduces a novel measure of consumer inflation expectations: We elicit and combine inflation forecasts across categories of personal consumption expenditure to form an aggregated measure of inflation expectations. Drawing on answers from nearly 60,000 respondents, our data cover the...

Persistent link: https://www.econbiz.de/10014480298

Anchoring households' inflation expectations when inflation is high

Giang Hong Nghiem; Dräger, Lena; Dalloul, Ami - 2024

This paper explores communication strategies for anchoring households' mediumterm inflation expectations in a high inflation environment. We conducted a survey experiment with a representative sample of 4,000 German households at the height of the recent inflation surge in early 2023, with...

Persistent link: https://www.econbiz.de/10014521156

The pass-through from inflation perceptions to inflation expectations

Huber, Stefanie J.; Minina, Daria; Schmidt, Tobias - 2023 - Version: June 19, 2023

. Our results show that household perceptions about past inflation drive their expectations about future inflation rates …

Persistent link: https://www.econbiz.de/10014320795

How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

van der Cruijsen, Carin; Jansen, David-Jan; de Haan, Jakob - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge on the ECB’s objectives is far from perfect. Both a...

Persistent link: https://www.econbiz.de/10011605311

UK term structure decompositions at the zero lower bound

Carriero, Andrea; Mouabbi, Sarah; Vangelista, Elisabetta - 2015

This paper employs a Zero Lower Bound (ZLB) consistent shadow-rate model to decompose UK nominal yields into expectation and term premia components. Compared to a standard affine term structure model, it performs relatively better in a ZLB setting and effectively captures the countercyclical...

Persistent link: https://www.econbiz.de/10011339919