Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297344 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
ECB Working Paper No. 2904
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study the redistributive effects of surprise inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are unaware of nominal-debt erosion. Once they receive information on the debt-erosion channel, households view nominal debt more positively and increase estimates of their own real net wealth. These changes causally affect actual consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to inflation once households are aware of the wealth effects of inflation.
Schlagwörter: 
Inflation Beliefs
Information Treatment
Consumption
Monetary Policy
JEL: 
D12
D14
D83
D84
E21
E31
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6384-8
Dokumentart: 
Working Paper

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