Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/223797
Authors: 
Coibion, Olivier
Gorodnichenko, Yuriy
Weber, Michael
Year of Publication: 
2020
Series/Report no.: 
IZA Discussion Papers 13355
Abstract: 
Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations of information about the severity of the pandemic, recent actions by the Federal Reserve, stimulus measures, as well as recommendations from health officials. This experiment allows us to assess to what extent these policy announcements alter the beliefs and spending plans of households. In short, they do not, contrary to the powerful effects they have in standard macroeconomic models.
Subjects: 
subjective expectations
fiscal policy
monetary policy
COVID-19
surveys
JEL: 
E31
C83
D84
J26
Document Type: 
Working Paper

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