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分類番号: CARF-F-388
発表時期: 2016 07
タイトル: The Formation of Consumer Inflation Expectations: New
Evidence From Japan's Deflation Experience
著者: Jess Diamond, Kota Watanabe, Tsutomu Watanabe
Abstract:

Using a new micro-level dataset we investigate the relationship between the inflation experience and inflation expectations of individuals in Japan. We focus on the period after 1995, when Japan began its era of deflation. Our key findings are fourfold. Firstly, we find that inflation expectations tend to increase with age. Secondly, we find that measured inflation rates of items purchased also increase with age. However, we find that age and inflation expectations continue to have a positive correlation even after controlling for the individual-level rate of inflation. Further analysis suggests that the positive correlation between age and inflation expectations is driven to a signi cant degree by the correlation between cohort and inflation expectations, which we interpret to represent the effect of historical inflation experience on expectations of future inflation rates.

ファイル(PDF): full paper
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