THE FORMATION OF CONSUMER INFLATION EXPECTATIONS: NEW EVIDENCE FROM JAPAN'S DEFLATION EXPERIENCE
利用日本1995年后通缩时期的新数据，研究发现家庭通胀预期随年龄增长而上升，且这种正相关部分源于历史通胀经历对预期的影响。
Abstract Using a new data set, we investigate the relationship between the inflation experience and expectations of households in Japan, focusing on the post‐1995 deflationary era. Our first finding is that inflation expectations increase with age. Second, we find that measured inflation rates also increase with age, although age and inflation expectations continue to exhibit a positive correlation even after controlling for the household‐level inflation rate. Analysis suggests that the correlation between age and inflation expectations is driven largely by the correlation between cohort and inflation expectations, which we interpret to represent the effect of historical inflation experience on inflation expectations.