Nudging Inflation Expectations: An Experiment
Giorgio Topa (),
Wilbert van der Klaauw () and
No 20121105, Liberty Street Economics from Federal Reserve Bank of New York
Managing consumers? inflation expectations is of critical importance to central banks in the conduct of monetary policy. But managing inflation expectations requires more than just monitoring expectations; it also requires an understanding of how these expectations are formed. In this post, we present results from a new study that investigates how individual consumers use selected information on food prices in forming their inflation expectations. While the provision of this information leads individuals to meaningfully revise expectations of their own-basket inflation rate, we find there is little impact on expectations of overall inflation.
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