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What Makes A Good Economy? Evidence From Public Opinion Surveys

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  • DARREN GRANT

Abstract

type="main" xml:id="ecin12085-abs-0001"> Analysis of 35 years of previously unstudied survey data shows how the American public evaluates the health of the macroeconomy. Survey responses are multidimensional, distinct from indexes of “consumer sentiment,” and based mostly on genuine perceptions of economic conditions, not media reports of economic statistics. As such, they contain unique information about current and future values of these statistics, particularly consumption growth, a longstanding focus of the literature. Both “intangibles” and macroeconomic fundamentals explain substantial variation in the survey data; the public equates 2 to 5 percentage points of inflation with 1 percentage point of unemployment. ( JEL E32, E27, E01)

Suggested Citation

  • Darren Grant, 2014. "What Makes A Good Economy? Evidence From Public Opinion Surveys," Economic Inquiry, Western Economic Association International, vol. 52(3), pages 1120-1136, July.
    • Handle: RePEc:bla:ecinqu:v:52:y:2014:i:3:p:1120-1136
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    File URL: http://hdl.handle.net/10.1111/ecin.2014.52.issue-3
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    Citations

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    Cited by:

    1. Nikolsko-Rzhevskyy, Alex & Papell, David H. & Prodan, Ruxandra, 2014. "Deviations from rules-based policy and their effects," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 4-17.
    2. Anastasia Kazun & Kseniia Semykina, 2018. "Presidential Elections 2018: The Struggle of Putin and Navalny for a Media Agenda," HSE Working papers WP BRP 62/PS/2018, National Research University Higher School of Economics.
    3. Emilian DOBRESCU, 2016. "Controversies over the Size of the Public Budget," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 5-34, December.

    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts

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