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What Changes Deflationary Expectations? Evidence from Japanese Household-level Data (in Japanese)

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  • Satoshi SHIMIZUTANI
  • Masahiro HORI

Abstract

This paper utilizes a unique Japanese household-level data to estimate average price expectations, to examine what changes price expectations, and to look at how changes in price expectations affect household consumption.Our empirical results indicate that price expectations range from minus 0.5 to zero percent for the period from 2001 to 2003 in Japan. Price expectations depend on lagged expectations and current price movements. Monetary policy announcements did not largely change price expectations, since a series of quantitative easing caused revision of price expectations only for small portion of people surveyed.

Suggested Citation

  • Satoshi SHIMIZUTANI & Masahiro HORI, 2004. "What Changes Deflationary Expectations? Evidence from Japanese Household-level Data (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 172, pages 60-79, March.
    • Handle: RePEc:esj:esriea:172c
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    File URL: http://www.esri.go.jp/jp/archive/bun/bun172/bun172e.pdf
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