| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16279 |
| DP16279 Macroeconomic Expectations and Credit Card Spending | |
| Martin Kanz; Ricardo Perez-Truglia; Mikhail Galashin | |
| 发表日期 | 2021-06-20 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | How do macroeconomic expectations affect consumer decisions? We examine this question using a natural field experiment with 2,872 credit card customers from a large commercial bank. We conduct a survey to measure consumer expectations about future inflation and the nominal exchange rate and combine this with an information-provision experiment that generates exogenous variation in these expectations. We merge the survey and experimental data with detailed administrative data on the subjects' credit card transactions and balances. The experiment is designed to test three standard predictions from models of intertemporal consumption choice: inflation expectations should affect spending on durables; exchange rate expectations should affect spending on tradables; and, holding constant the nominal interest rate, inflation expectations should affect borrowing. We find that the information provided to participants strongly affects subjective expectations. However, we do not find any significant effects on actual consumer behavior (as measured in administrative data) or self-reported consumption plans (as measured in survey data). Our preferred interpretation is that consumers are not sophisticated enough to factor inflation and exchange rate expectations into their consumption decisions. The absence of a link between consumer expectations and behavior has potentially important implications for macroeconomic policies such as forward guidance. |
| 主题 | Development Economics ; Financial Economics ; Macroeconomics and Growth |
| 关键词 | exchange rate inflation Expectations Field experiment Consumption |
| URL | https://cepr.org/publications/dp16279 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545245 |
| 推荐引用方式 GB/T 7714 | Martin Kanz,Ricardo Perez-Truglia,Mikhail Galashin. DP16279 Macroeconomic Expectations and Credit Card Spending. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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