Does Policy Communication During Covid Work?

Olivier Coibion, Yuriy Gorodnichenko, Michael Weber and Michael Weber
Authors registered in the RePEc Author Service: Michael Weber

No 8369, CESifo Working Paper Series from CESifo

Abstract: Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households’ expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations of information about the severity of the pandemic, recent actions by the Federal Reserve, stimulus measures, as well as recommendations from health officials. This experiment allows us to assess to what extent these policy announcements alter the beliefs and spending plans of households. In short, they do not, contrary to the powerful effects they have in standard macroeconomic models.

Keywords: subjective expectations; fiscal policy; monetary policy; Covid-19; surveys (search for similar items in EconPapers)
JEL-codes: C83 D84 E31 J26 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-exp, nep-hea, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (35)

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Related works:
Journal Article: Does Policy Communication during COVID Work? (2022)
Working Paper: Does Policy Communication during COVID Work? (2022)
Working Paper: Does Policy Communication during COVID Work? (2022)
Working Paper: Does Policy Communication During COVID Work? (2020)
Working Paper: Does Policy Communication During COVID Work? (2020)
Working Paper: Does Policy Communication During Covid Work? (2020)
Working Paper: Does Policy Communication During Covid Work? (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_8369

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