日本語

Graduate School of International Management, Yokohama City University

Assistant Professor (Specially appointed) , Hitotsubashi Institute for Advanced Study, Hitotsubashi University

Professor, Graduate School of International Management, Yokohama City University
Visiting Professor, Graduate School of Economics and Management, Tohoku University

This study employs randomized control trial methods to explore how information selection and processing contribute to the heterogeneity in consumers’ inflation expectations. We find that, first, respondents vary in their preferences for inflation forecasts from established institutions. Second, providing credible information about future inflation helps stabilize expectations, with follow-up surveys indicating that this effect persists for at least one month. Third, respondents revise their expectations more extensively when provided with additional information. Fourth, respondents incorporate information more fully when they can choose the information they view. Individuals with exposure to interest rate risk are more likely to focus on relevant signals.