Inflation Expectations and Readiness to Spend: Cross-Sectional Evidence. Review and Extension of Results
Автори:
Лора
Павлова
„АлбертЛудгвигс” гр.Фрайбург, Германия
Страници:
168-
176
Резюме:
In an environment where the zero lower bound on nominal interest rates has become binding, central
bank communication and influencing household expectations has become even more important for stabilization
policy. This paper examines therelationship between household inflation expectations and their buying attitudes
with respect to durable goods. The first part of this paper focuses on the results by Bachmannet al(2015) and
some related literature which uses microdata. The main observation is that there seems to be a negative, if at all,
relationship between expected inflationand current expenditure on durables. The second part builds upon the
work of Bachmann etal(2015) and replicates their baseline specification with an extended sample, to examine
whether households display some changes in behavior after experiencing a prolonged period of practically fixed
interest rates.
Ключови думи:
consumer expectations, inflation, readiness to spend, zero lower bound
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