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Household expectations and monetary policy

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  • Carlos Carvalho
  • Fernanda Nechio

Abstract

Helping the public understand how monetary policy is conducted is an important goal for the Federal Reserve. One way to measure people?s understanding is through surveys that show household expectations for the economy. Responses from the Michigan survey show some groups of households appear to hold beliefs consistent with basic features of U.S. policy. In particular, households with higher incomes and more education appear to better grasp how interest rates relate to inflation and unemployment, particularly during times of labor market weakness.

Suggested Citation

  • Carlos Carvalho & Fernanda Nechio, 2014. "Household expectations and monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
  • Handle: RePEc:fip:fedfel:00019
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    File URL: http://www.frbsf.org/economic-research/publications/economic-letter/2014/june/household-expectations-economy-monetary-policy/el2014-18.pdf
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