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Type | Working Paper |
Scope | Discipline-based scholarship |
Title | The long-term effects of inflation on inflation expectations |
Organization Unit | |
Authors |
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Language |
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Institution | University of Zurich |
Series Name | Chicago Booth Paper |
Number | 23-13 |
Number of Pages | 50 |
Date | 2023 |
Abstract Text | We study the long-term effects of inflation surges on inflation expectations. German households living in areas with higher local inflation during the hyperinflation of the 1920s expect higher inflation today. Our evidence points towards a transmission of inflation experiences from parents to children and through local institutions. Differential historical inflation also modulates the updating of expectations to current inflation, the response to unconventional fiscal policies, and financial decisions. We obtain similar results in a test with Polish households residing in formerly German areas. Overall, our findings are consistent with inflationary shocks having a long-lasting impact on attitudes towards inflation. |
Free access at | DOI |
Related URLs | |
Digital Object Identifier | 10.2139/ssrn.4503275 |
Other Identification Number | merlin-id:23895 |
PDF File | Download from ZORA |
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