Consumer Price Perceptions and Expectations
AbstractThis paper attempts to examine the characteristics of the quarterly EEC consumer anticipations survey for inflation in the U.K. Using a variant of Pesaran’s approach, we investigate whether the survey data satisfies certain reasonable postulates mainly arising from the assumption of unbiasedness ? We also show that it contains some relevant information not in past rates and therefore that it permits to improve and index of aggregate expected inflation obtained by extrapolative time techniques. With a probabilistic model, we identify such information largely with interest rate changes and with respondents perception of past inflation.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1990011.
Date of creation: 01 Apr 1990
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- Ranyard, Rob & Missier, Fabio Del & Bonini, Nicolao & Duxbury, Darren & Summers, Barbara, 2008. "Perceptions and expectations of price changes and inflation: A review and conceptual framework," Journal of Economic Psychology, Elsevier, vol. 29(4), pages 378-400, August.
- Gerberding, Christina, 2001. "The information content of survey data on expected price developments for monetary policy," Discussion Paper Series 1: Economic Studies 2001,09, Deutsche Bundesbank, Research Centre.
- Jan Marc Berk & Gerbert Hebbink, 2006. "The anchoring of European inflation expectations," DNB Working Papers 116, Netherlands Central Bank, Research Department.
- Gärling, Tommy & Gamble, Amelie & Christandl, Fabian, 2013. "Income increases do not compensate for perceived inflation—A price-consumption anomaly," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 11-15.
- Yuxiang, Karl & Chen, Zhongchang, 2010. "Monetary policy credibility and inflationary expectation," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 487-497, August.
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