TY  - RPRT
        AU  - Weber, Michael
AU  - D’Acunto, Francesco
AU  - Gorodnichenko, Yuriy
AU  - Coibion, Olivier
        TI  - The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications
        PY  - 2022/Jun/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 15391
        UR  - https://www.iza.org/index.php/publications/dp15391
        AB  - Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic choices in the data and help us make sense of the observed heterogeneous reactions to business-cycle shocks and policy interventions. We conclude by highlighting the relevant open questions and why tackling them is important for academic research and policy making.
        KW  - financial decision-making
KW  - experiments
KW  - fiscal policy
KW  - monetary policy
KW  - surveys
KW  - savings
KW  - consumption
KW  - intertemporal choice
KW  - macroeconomics
KW  - cognition
KW  - communication
        ER  -