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Intrahousehold Disagreement about Macroeconomic Expectations

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  • DA KE

Abstract

This paper highlights the simple fact that households typically consist of multiple members who may hold divergent views, a fact that existing approaches to measuring and modeling household macroeconomic expectations largely abstract from. Using unique data on the macroeconomic expectations of both spouses, I document substantial intrahousehold disagreement about inflation, economic recessions, and stock market returns. I further show that household asset allocation decisions are shaped by disagreement between spouses about future stock returns, and a preregistered randomized survey experiment confirms the causal impact of such disagreement on portfolio choice.

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  • Da Ke, 2025. "Intrahousehold Disagreement about Macroeconomic Expectations," Journal of Finance, American Finance Association, vol. 80(3), pages 1647-1689, June.
    • Handle: RePEc:bla:jfinan:v:80:y:2025:i:3:p:1647-1689
    DOI: 10.1111/jofi.13437
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