Household Inflation Expectations and Consumer Spending: Evidence from Panel Data

Autor:	Mary A. Burke, Ali Ozdagli
Rok vydání:	2023
Předmět:	Economics and Econometrics Social Sciences (miscellaneous)
Zdroj:	Review of Economics and Statistics. :1-14
ISSN:	1530-9142 0034-6535
Popis:	Recent research offers mixed results concerning the relationship between inflation expectations and consumption, using qualitative measures of readiness to spend. We revisit this question using survey panel data of actual spending from the United States between 2009 and 2012 that also allows us to control for household heterogeneity. We find that durables spending increases with expected inflation only for selected types of households while nondurables spending does not respond to expected inflation. Moreover, spending decreases with expected unemployment. These results imply a limited stimulating effect of inflation expectations on aggregate consumption, which could be reversed if inflation and unemployment expectations move together.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::9ea16b7040183310b1aefa442e41b2cc https://doi.org/10.1162/rest_a_01118 Zobrazit plný text záznamu