Learning-through-Survey in Inflation Expectations

Gwangmin Kim and Carola Binder

American Economic Journal: Macroeconomics, 2023, vol. 15, issue 2, 254-78

Abstract: When surveys rely on repeat participants, this raises the possibility that survey participation may affect future responses, perhaps by prompting information acquisition between survey waves. We show that these "learning-through-survey" effects are large for household inflation expectations. Repeat survey participants generally have lower inflation expectations and uncertainty, particularly if their initial uncertainty was high. Consequently, repeat participants may be more informed about or attentive to inflation. This has important implications: for example, inflation expectations of new participants are more influenced by oil prices, and estimates of the elasticity of intertemporal substitution are lower for new participants.

JEL-codes: C83 D84 E31 E37 E58 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations: View citations in EconPapers (19)

Downloads: (external link)
https://www.aeaweb.org/doi/10.1257/mac.20200387 (application/pdf)
https://doi.org/10.3886/E166481V1 (text/html)
https://www.aeaweb.org/doi/10.1257/mac.20200387.appx (application/pdf)
https://www.aeaweb.org/doi/10.1257/mac.20200387.ds (application/zip)
Access to full text is restricted to AEA members and institutional subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aea:aejmac:v:15:y:2023:i:2:p:254-78

Ordering information: This journal article can be ordered from
https://www.aeaweb.org/journals/subscriptions

DOI: 10.1257/mac.20200387

Access Statistics for this article

American Economic Journal: Macroeconomics is currently edited by Simon Gilchrist

More articles in American Economic Journal: Macroeconomics from American Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Michael P. Albert ().