Inflation Levels and (In)Attention

• 成果类型: Article
• 署名作者: Bracha, Anat; Tang, Jenny
• 署名单位: Hebrew University of Jerusalem; Federal Reserve System - USA; Federal Reserve Bank - Boston
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdae063
• 发表日期: 2025
• 页码: 1564-1594
• 关键词: expectations evidence; rational inattention; interest-rates; INFORMATION; prices; households; DYNAMICS; FIRMS

摘要

Inflation expectations are key determinants of economic activity and are central to the current policy debate about whether inflation expectations will remain anchored in the face of recent pandemic-related increases in inflation. This article explores evidence of inattention by constructing two novel and direct measures of consumers' inattention, and documents greater attention when inflation is high. This relationship can explain a substantial portion of the flattening of the Phillips curve and also suggests the possibility of upward attention-price spirals.