Tell Me Something I Don't Already Know: Learning in Low‐ and High‐Inflation Settings
通过多国随机对照试验，研究发现高通胀环境下家庭和企业对通胀新闻更关注、信息更灵通，从而对外部提供的信息反应更小，支持注意力内生取决于经济环境的模型。
Using randomized control trials (RCTs) applied over time in different countries, we study whether the economic environment affects how agents learn from new information. We show that as inflation rose in advanced economies, both households and firms became more attentive and informed about publicly available news about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has been consistently high (Uruguay) and low (New Zealand) as well as what happens when the same agents are repeatedly provided information in both low‐ and high‐inflation environments (Italy). Our results broadly support models in which inattention is an endogenous outcome that depends on the economic environment.