Central banks are increasingly reaching out to the general public to motivate and explain
their monetary policy actions. One major aim of this outreach is to guide inflation …

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 …

We study how the differential timing of local lockdowns due to COVID-19 causally affects
households' spending and macroeconomic expectations at the local level using several …

Politics may color interpretations of facts, and thus perceptions of risk. We find that a higher
share of Trump voters in a county is associated with lower perceptions of risk during the …

The 2020 CARES Act directed large cash payments to households. We analyze households'
spending responses using data from a Fintech nonprofit, exploring heterogeneity by income …

We study how different forms of communication influence inflation expectations in a
randomized controlled trial using nearly 20,000 US individuals. We elicit individuals' inflation …

We assess the prospects for central banks using inflation expectations as a policy tool for
stabilization purposes. We review recent work on how expectations of agents are formed …

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 a unique design feature of a survey of Italian firms to study the causal effect of
inflation expectations on firms' economic decisions. In the survey, a randomly chosen subset …