Does Policy Communication During Covid Work?

Olivier Coibion, Yuriy Gorodnichenko and Michael Weber

No 27384, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: C83 E31 (search for similar items in EconPapers)
Date: 2020-06
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (35)

Published as Olivier Coibion & Yuriy Gorodnichenko & Michael Weber, 2022. "Does Policy Communication during COVID Work?," International Journal of Central Banking, International Journal of Central Banking, vol. 18(1), pages 3-39, March.

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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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