Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/250514 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 14853
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibil- ity. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a standard New Keynesian model with a zero-lower bound on inflation expectations. Unconventional monetary policies, such as forward guid- ance, are weaker. In liquidity traps, the government spending output multiplier is finite, and adverse aggregate supply shocks are not expansionary. The possibility of confidence-driven liquidity traps is attenuated.
Schlagwörter: 
inflation expectations
non-rational beliefs
survey data
JEL: 
E5
E7
G4
Dokumentart: 
Working Paper

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