Data and Code for: Learning-through-Survey in Inflation Expectations
Principal Investigator(s): View help for Principal Investigator(s) Gwangmin Kim, University of Texas at Austin; Carola Binder, Haverford College
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| Code | 03/31/2022 05:21:AM | ||
| Data | 03/31/2022 05:42:AM | ||
| Figures | 03/31/2022 05:40:AM | ||
| Tables | 03/31/2022 05:33:AM | ||
| apc | 03/31/2022 05:20:AM | ||
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application/vnd.openxmlformats-officedocument.wordprocessingml.document | 46.8 KB | 03/31/2022 01:17:AM |
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application/pdf | 315.4 KB | 03/28/2022 06:43:PM |
Project Citation:
Kim, Gwangmin, and Binder, Carola. Data and Code for: Learning-through-Survey in Inflation Expectations. Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-03-27. https://doi.org/10.3886/E166481V1
Project Description
Summary:
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These files contain the code and data for the journal article "Learning-through-Survey in Inflation Expectations," American Economic Journal: Macroeconomics.
When surveys rely on repeat participants, this raises the possibility that survey participation may affect future responses, perhaps by prompting information acquisition between survey waves. We show that these "learning-through-survey" effects are large for household inflation expectations. Repeat survey participants generally have lower inflation expectations and uncertainty, particularly if their initial uncertainty was high. Consequently, repeat participants may be more informed about or attentive to inflation. This has important implications: for example, inflation expectations of new participants are more influenced by oil prices, and estimates of the elasticity of intertemporal substitution are lower for new participants.
When surveys rely on repeat participants, this raises the possibility that survey participation may affect future responses, perhaps by prompting information acquisition between survey waves. We show that these "learning-through-survey" effects are large for household inflation expectations. Repeat survey participants generally have lower inflation expectations and uncertainty, particularly if their initial uncertainty was high. Consequently, repeat participants may be more informed about or attentive to inflation. This has important implications: for example, inflation expectations of new participants are more influenced by oil prices, and estimates of the elasticity of intertemporal substitution are lower for new participants.
Scope of Project
Subject Terms:
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Inflation;
Inflation Expectations;
Survey
JEL Classification:
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D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D84 Expectations; Speculations
E31 Price Level; Inflation; Deflation
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
D84 Expectations; Speculations
E31 Price Level; Inflation; Deflation
Geographic Coverage:
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United States
Time Period(s):
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2013 – 2021 (Survey of Consumer Expectations (SCE));
1980 – 2021 (Michigan Survey of Consumers (MSC))
Universe:
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Adult noninstitutionalized population of the United States living in households.
Data Type(s):
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observational data;
survey data
Collection Notes:
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MSC data folder only contains the dictionary file to clean the raw files. The raw MSC data can be downloaded from the Surveys of Consumers SDA Archive:
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