- Published
- 2022-01-18
- Venue
- Journal of Political Economy, vol. 130, no. 6, pp. 1537-1584
- Cited by
- 520
- Open access
- Yes, green
- DOI
- 10.1086/718982
Abstract
We study how different forms of communication influence inflation expectations in a randomized controlled trial using nearly 20,000 US individuals. We elicit individuals’ inflation expectations and then provide eight different forms of information regarding inflation. Reading the actual Federal Open Market Committee (FOMC) statement has about the same average effect on expectations as simply being told about the Federal Reserve’s inflation target. Reading news articles about the most recent FOMC meetings results in a forecast revision that is smaller by half. This exogenous variation in inflation expectations has subsequent effects on household spending reported in scanner and survey data.
Cite this paper
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- APA 7
Coibion, O., Gorodnichenko, Y., & Weber, M. (2022). Monetary Policy Communications and Their Effects on Household Inflation Expectations. Journal of Political Economy, 130(6), 1537–1584. https://doi.org/10.1086/718982
- MLA 9
Coibion, Olivier, et al. "Monetary Policy Communications and Their Effects on Household Inflation Expectations." Journal of Political Economy, vol. 130, no. 6, 2022, pp. 1537–1584, https://doi.org/10.1086/718982.
- Chicago
Coibion, Olivier, Yuriy Gorodnichenko, and Michael Weber. "Monetary Policy Communications and Their Effects on Household Inflation Expectations." Journal of Political Economy 130, no. 6 (2022): 1537–1584. https://doi.org/10.1086/718982.
- GOST
Coibion O., Gorodnichenko Y., Weber M. Monetary Policy Communications and Their Effects on Household Inflation Expectations // Journal of Political Economy. — 2022. — Vol. 130, № 6. — P. 1537–1584. — URL: https://doi.org/10.1086/718982
- BibTeX
@article{coibion2022monetary, title = {{Monetary Policy Communications and Their Effects on Household Inflation Expectations}}, author = {Olivier Coibion and Yuriy Gorodnichenko and Michael Weber}, journal = {Journal of Political Economy}, year = {2022}, volume = {130}, number = {6}, pages = {1537--1584}, doi = {10.1086/718982}, url = {https://doi.org/10.1086/718982} }- RIS
TY - JOUR AU - Coibion, Olivier AU - Gorodnichenko, Yuriy AU - Weber, Michael TI - Monetary Policy Communications and Their Effects on Household Inflation Expectations JO - Journal of Political Economy VL - 130 IS - 6 SP - 1537 EP - 1584 PY - 2022 DA - 2022/01/18 DO - 10.1086/718982 UR - https://doi.org/10.1086/718982 ER -