The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications

Michael Weber, Francesco D’Acunto, Yuriy Gorodnichenko and Olivier Coibion

No 30046, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Households’ and firms’ subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households’ and firms’ economic choices in the data and help us make sense of the observed heterogeneous reactions to business-cycle shocks and policy interventions. We conclude by highlighting the relevant open questions and why tackling them is important for academic research and policy making.

JEL-codes: D1 D2 D8 D9 E2 E3 E4 E5 E7 J1 (search for similar items in EconPapers)
Date: 2022-05
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Note: AP CF EFG ME
References: Add references at CitEc
Citations: View citations in EconPapers (88)

Published as Michael Weber & Francesco D'Acunto & Yuriy Gorodnichenko & Olivier Coibion, 2022. "The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications," Journal of Economic Perspectives, American Economic Association, vol. 36(3), pages 157-184, Summer.
Published as Michael Weber & Francesco D’Acunto & Yuriy Gorodnichenko & Olivier Coibion, 2022. "The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications," Journal of Economic Perspectives, vol 36(3), pages 157-184.

Downloads: (external link)
http://www.nber.org/papers/w30046.pdf (application/pdf)

Related works:
Journal Article: The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications (2022)
Working Paper: The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications (2022)
Working Paper: The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications (2022)
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:nbr:nberwo:30046

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w30046

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().