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dc.contributor.authorMadeira, Carlosen
dc.contributor.authorZafar, Basiten
dc.date.accessioned2012-01-16-
dc.date.accessioned2012-08-17T14:35:01Z-
dc.date.available2012-08-17T14:35:01Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/60826-
dc.description.abstractUsing the panel component of the Michigan Survey of Consumers, we show that individuals, in particular women and ethnic minorities, are highly heterogeneous in their expectations of inflation. We estimate a model of inflation expectations based on learning from experience that also allows for heterogeneity in both private information and updating. Our model vastly outperforms existing models of inflation expectations in explaining the heterogeneity in the data. We find that women, ethnic minorities, and less educated agents have a higher degree of heterogeneity in their private information, and are also slower to update their expectations. In addition, we show that personal income forecasts are positively related to subjective inflation expectations. During the 2000s, consumers believe inflation to be more persistent in the short term, but temporary fluctuations in inflation have less effect on income and long-term inflation expectations. Finally, we find evidence that sticky expectations and the heterogeneity of new information received by consumers generate higher mark-ups and inflation.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x536en
dc.subject.jelC53en
dc.subject.jelC81en
dc.subject.jelE31en
dc.subject.jelE37en
dc.subject.jelD83en
dc.subject.jelD84en
dc.subject.ddc330en
dc.subject.keywordinflation expectationsen
dc.subject.keywordimperfect informationen
dc.subject.keywordheterogeneous expectationsen
dc.subject.keywordlearningen
dc.subject.keywordsticky informationen
dc.subject.stwInflationserwartungen
dc.subject.stwUnvollkommene Informationen
dc.subject.stwLernprozessen
dc.subject.stwSoziale Schichten
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.titleHeterogeneous inflation expectations, learning, and market outcomes-
dc.typeWorking Paperen
dc.identifier.ppn683162276en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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