Exposure to Grocery Prices and Inflation Expectations
成果类型：
Article
署名作者：
D'Acunto, Francesco; Malmendier, Ulrike; Ospina, Juan; Weber, Michael
署名单位：
Boston College; University of California System; University of California Berkeley; National Bureau of Economic Research; Banco de la Republica Colombia; University of Chicago
刊物名称：
JOURNAL OF POLITICAL ECONOMY
ISSN/ISSBN：
0022-3808
DOI：
10.1086/713192
发表日期：
2021
页码：
1615-1639
关键词：
摘要：
Consumers rely on the price changes of goods in their grocery bundles when forming expectations about aggregate inflation. We use micro data that uniquely match individual expectations, detailed information about consumption bundles, and item-level prices. The weights consumers assign to price changes depend on the frequency of purchase, rather than expenditure share, and positive price changes loom larger than negative price changes. Prices of goods offered in the same store but not purchased do not affect inflation expectations, nor do other dimensions. Our results provide empirical guidance for models of expectations formation with heterogeneous consumers.
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