TY  - RPRT
        AU  - Salle, Isabelle
AU  - Gorodnichenko, Yuriy
AU  - Coibion, Olivier
        TI  - Lifetime Memories of Inflation: Evidence from Surveys and the Lab
        PY  - 2023/Dec/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 16670
        UR  - https://www.iza.org/index.php/publications/dp16670
        AB  - We study how individuals' memories of inflation shape their expectations about future inflation using both surveys and laboratory experiments. Recalling having lived through prior disinflations has pronounced effects on how long-lived people expect the current inflation episode to last. Information treatments in which we show people prior disinflationary experiences similarly strongly reduce inflation expectations of individuals on average and are often recalled as inflation memories months later. We also show that when people try to forecast inflation in the lab, the inflation dynamics in the game can affect their beliefs much like the inflation experienced in real life. Methodologically, we compare and contrast surveys and lab experiments and discuss the pros and cons of each method, emphasizing the general consistency across the two methodologies.
        KW  - inflation experience
KW  - experiments
KW  - surveys
KW  - randomized control trial
        ER  -