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dc.contributor.authorArmantier, Olivieren
dc.contributor.authorBruine de Bruin, Wändien
dc.contributor.authorTopa, Giorgioen
dc.contributor.authorvan der Klaauw, Wilberten
dc.contributor.authorZafar, Basiten
dc.date.accessioned2011-08-29-
dc.date.accessioned2012-08-17T14:38:32Z-
dc.date.available2012-08-17T14:38:32Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/60957-
dc.description.abstractWe compare the inflation expectations reported by consumers in a survey with their behavior in a financially incentivized investment experiment designed such that future inflation affects payoffs. The inflation expectations survey is found to be informative in the sense that the beliefs reported by the respondents are correlated with their choices in the experiment. Furthermore, most respondents appear to act on their inflation expectations showing patterns consistent (both in direction and magnitude) with expected utility theory. Respondents whose behavior cannot be rationalized tend to be less educated and to score lower on a numeracy and financial literacy scale. These findings are therefore the first to provide support to the microfoundations of modern macroeconomic models.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x509en
dc.subject.jelC83en
dc.subject.jelD12en
dc.subject.jelE60en
dc.subject.jelC90en
dc.subject.ddc330en
dc.subject.keywordinflation expectationsen
dc.subject.keywordsurveysen
dc.subject.keywordexperimental economicsen
dc.titleInflation expectations and behavior: Do survey respondents act on their beliefs?-
dc.typeWorking Paperen
dc.identifier.ppn667315918en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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