Stuck in the Seventies: Gas Prices and Consumer Sentiment
利用每日消费者调查数据，研究发现汽油价格上涨使消费者情绪更悲观，尤其对经历过1970年代石油危机的消费者影响最大。
Abstract Using daily consumer survey data, we analyze the transmission of gas prices to consumer beliefs and expectations about the economy. We exploit the high frequency and geographic disaggregation of our data set to facilitate identification. Consumer sentiment becomes more pessimistic with rising gas prices. This effect is strongest for consumers who lived through the recessionary oil crises in the 1970s, consistent with models of learning from personal experience. For younger respondents, the sensitivity of sentiment to gas prices is stronger for college-educated respondents. Sensitivity is also higher in states with greater gas expenditures per capita.