For decades, households' subjective expectations elicited via surveys have been
considered meaningless because they often differ substantially from the forecasts of …

Households' and firms' subjective inflation expectations play a central role in
macroeconomic and intertemporal microeconomic models. We discuss how subjective …

Robo-advice uses big and open data to provide consumers with fully informed and rational-
expectation benchmarks in all realms of household finance, including consumption, saving …

Personal experiences of economic outcomes, from global financial crises to individual-level
job losses, can shape individual beliefs, risk attitudes, and choices for years to come. A …

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 …

We use randomized treatments that provide different types of information about the first
and/or second moments of future economic growth to generate exogenous changes in the …

A tailor-made survey documents consumers' perceptions of the US economy's response to a
large shock: the advent of the COVID-19 pandemic. The survey ran at a daily frequency …

We use administrative and survey-based micro data to study the relationship between
cognitive abilities (IQ), the formation of inflation expectations, and the consumption plans of …

Inflation expectations are central to economics because they affect the effectiveness of fiscal
and monetary policy, as well as realized inflation. We survey the recent literature with a …

Binding lower bounds on interest rates and large government deficits limit the scope of fiscal
and monetary policies to stimulate households' spending through financial intermediaries …