Consumers' Attitudes and Their Inflation Expectations
Michael Ehrmann (),
Damjan Pfajfar () and
Emiliano Santoro ()
International Journal of Central Banking, 2017, vol. 13, issue 1, 225-259
This paper studies consumers’ inflation expectations using micro-level data from the University of Michigan’s Surveys of Consumers. It shows that beyond the well-established socioeconomic factors such as income, age, or gender, inflation expectations are also related to respondents’ financial situation, their purchasing attitudes, and their expectations about the macroeconomy. Respondents with current or expected financial difficulties and those with pessimistic attitudes about major purchases, income developments, or unemployment have a stronger upward bias than other households. However, their bias shrinks by more than that of the average household in response to increasing media reporting about inflation.
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Working Paper: Consumers' Attitudes and Their Inflation Expectations (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:ijc:ijcjou:y:2017:q:0:a:6
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