Coronavirus Fears and Macroeconomic Expectations

• 成果类型: Article
• 署名作者: Binder, Carola
• 署名单位: Haverford College
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00931
• 发表日期: 2020-10
• 页码: 721-730
• 关键词: inflation-expectations; COMMUNICATION

摘要

The Federal Reserve cut interest rates on March 3, 2020, in response to COVID-19. On March 5 and 6, I surveyed over 500 consumers about their concerns about COVID-19, awareness of the Fed's announcement, and macroeconomic expectations. Most consumers were concerned about effects of COVID-19 on the economy, their health, and their personal finances. About 38% were aware that the Fed had cut interest rates. Greater concern is associated with higher inflation expectations and more pessimistic unemployment expectations. I informed respondents about the Fed's announcement, which led some consumers to become more optimistic about unemployment and revise inflation expectations downward.