What matters in households’ inflation expectations?
利用2004-2018年法国家庭调查数据，发现多数家庭预期物价稳定而非上涨，这一预期主导了平均通胀预期的波动，且预期稳定的家庭购买耐用品意愿更低。
Using survey data on French households over the 2004–2018 period, we provide new evidence on the role of households' inflation expectations for durable spending decisions. A large share of households expects prices to remain stable instead of increasing. This share accounts for 75% of fluctuations in the average inflation expectation. Households expecting stable prices have a lower propensity to buy durable goods than those expecting positive inflation. In contrast, differences across households expecting positive inflation are associated with insignificant differences in durable consumption decisions. We discuss some policy implications.