论文标题
关于新闻对美国家庭通货膨胀期望的影响的注释
A note on the impact of news on US household inflation expectations
论文作者
论文摘要
从1978年到2016年，每月分类的美国数据表明，对通货膨胀和货币政策的新闻接触有助于解释通货膨胀的期望。当控制家庭个人特征，对政府政策效力的看法，未来利率和失业期望以及情绪时，这仍然是正确的。我们发现新闻对1983年后通货膨胀和货币政策的不对称影响，与新闻有关降低通货膨胀和收紧货币政策的新闻相比，通货膨胀率上升和更容易的货币政策的新闻具有更大的影响。我们的结果表明，在下限期间，通过消费者情绪表现出对货币政策新闻的通货膨胀期望的影响。
Monthly disaggregated US data from 1978 to 2016 reveals that exposure to news on inflation and monetary policy helps to explain inflation expectations. This remains true when controlling for household personal characteristics, perceptions of government policy effectiveness, future interest rates and unemployment expectations, and sentiment. We find an asymmetric impact of news on inflation and monetary policy after 1983, with news on rising inflation and easier monetary policy having a stronger effect in comparison to news on lowering inflation and tightening monetary policy. Our results indicate the impact on inflation expectations of monetary policy news manifested through consumer sentiment during the lower bound period.
