Inflation Expectations and Readiness to Spend: Cross-Sectional Evidence
利用密歇根消费者调查的微观数据，研究发现通胀预期上升对耐用品消费意愿的影响很小，在零利率下限时期甚至显著为负。
There have been suggestions for monetary policy to engineer higher inflation expectations to stimulate spending. We examine the relationship between expected inflation and spending attitudes using the microdata from the Michigan Survey of Consumers. The impact of higher inflation expectations on the reported readiness to spend on durables is generally small, outside the zero lower bound, often statistically insignificant, and inside of it typically significantly negative. In our baseline specification, a one percentage point increase in expected inflation during the recent zero lower bound period reduces households' probability of having a positive attitude towards spending by about 0.5 percentage points.