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Author:Topa, Giorgio 

Discussion Paper
How Did State Reopenings Affect Small Businesses?

In our previous post, we looked at the effects that the reopening of state economies across the United States has had on consumer spending. We found a significant effect of reopening, especially regarding spending in restaurants and bars as well as in the healthcare sector. In this companion post, we focus specifically on small businesses, using two different sources of high-frequency data, and we employ a methodology similar to that of our previous post to study the effects of reopening on small business activity along various dimensions. Our results indicate that, much like for consumer ...
Liberty Street Economics , Paper 20200921

Discussion Paper
Introducing the FRBNY Survey of Consumer Expectations: Household Finance Expectations

In this fourth and final post in our series describing the new FRBNY Survey of Consumer Expectations (SCE), we present the final component of the survey, dedicated to household finance. The information collected in the SCE on household income, spending, and access to credit will provide a real-time picture of U.S. households? situation and perceptions as well as rich and unique data for use by policymakers, researchers, and the public. While other surveys, such as the triennial Survey of Consumer Finances, provide data on the finances of U.S. families, few data sources provide timely ...
Liberty Street Economics , Paper 20131206

Working Paper
Household inflation experiences in the U.S.: a comprehensive approach

We present new measures of household-specific inflation experiences based on comprehensive information from the Consumer Expenditure Survey (CEX). We match households in the Interview and the Diary Surveys from the CEX to produce both complete and detailed pictures of household expenditures. The resulting household inflation measures are based on a more accurate and detailed description of household expenditures than those previously available. We find that our household-based inflation measures track aggregate measures such as the CPI-U quite well and that the addition of Diary Survey data ...
Working Paper Series , Paper 2009-19

Discussion Paper
Searching for Higher Wages

Since the peak of the recession, the unemployment rate has fallen by almost 5 percentage points, and observers continue to focus on whether and when this decline will lead to robust wage growth. Typically, in the wake of such a decline, real wages grow since there is more competition for workers among potential employers. While this relationship has historically been quite informative, real wage growth more recently has not been commensurate with observed declines in the unemployment rate.
Liberty Street Economics , Paper 20150902

Discussion Paper
Nudging Inflation Expectations: An Experiment

Managing consumers? inflation expectations is of critical importance to central banks in the conduct of monetary policy. But managing inflation expectations requires more than just monitoring expectations; it also requires an understanding of how these expectations are formed. In this post, we present results from a new study that investigates how individual consumers use selected information on food prices in forming their inflation expectations. While the provision of this information leads individuals to meaningfully revise expectations of their own-basket inflation rate, we find there is ...
Liberty Street Economics , Paper 20121105

Report
Expectations of inflation: the biasing effect of thoughts about specific prices

National surveys follow consumers' expectations of future inflation, because they may directly affect the economic choices they make, indirectly affect macroeconomic outcomes, and be considered in monetary policy. Yet relatively little is known about how individuals form the inflation expectations they report on consumer surveys. Medians of reported inflation expectations tend to track official estimates of realized inflation, but show large disagreement between respondents, due to some expecting seemingly extreme inflation. We present two studies to examine whether individuals who consider ...
Staff Reports , Paper 489

Report
Do informal referrals lead to better matches? Evidence from a firm's employee referral system

The limited nature of data on employment referrals in large business and household surveys has so far limited our understanding of the relationships among employment referrals, match quality, wage trajectories, and turnover. Using a new, firm-level data set that includes explicit information on whether a worker was referred by a current employee of the company, we are able to provide rich detail on these empirical relationships for a single U.S. corporation, and to test various predictions of theoretical models of labor market referrals. Predictions with which our results align include: 1) ...
Staff Reports , Paper 568

Discussion Paper
Is the Tide Lifting All Boats? A Closer Look at the Earnings Growth Experiences of U.S. Workers

The growth rate of hourly earnings is a widely used indicator to assess the economic progress of U.S. workers, as well as the health of the labor market. It is also a measure of wage pressures that could potentially spill over into inflationary pressures in a tightening labor market. Hourly earnings growth, on average, has gradually risen over the course of the current expansion, under way since the end of the Great Recession. But how have different groups of workers fared in this regard? Have hourly earnings risen uniformly at all points of the wage distribution, or have some segments of the ...
Liberty Street Economics , Paper 20200304b

Report
Inflation expectations and behavior: Do survey respondents act on their beliefs?

We compare the inflation expectations reported by consumers in a survey with their behavior in a financially incentivized investment experiment designed such that future inflation affects payoffs. The inflation expectations survey is found to be informative in the sense that the beliefs reported by the respondents are correlated with their choices in the experiment. Furthermore, most respondents appear to act on their inflation expectations showing patterns consistent (both in direction and magnitude) with expected utility theory. Respondents whose behavior cannot be rationalized tend to be ...
Staff Reports , Paper 509

Discussion Paper
How Do People Revise Their Inflation Expectations?

The New York Fed started releasing results from its Survey of Consumer Expectations (SCE) three years ago, in June 2013. The SCE is a monthly, nationally representative, internet-based survey of a rotating panel of about 1,300 household heads. Its goal, as described in a series of Liberty Street Economics posts, is to collect timely and high-quality information on consumer expectations about a broad range of topics, covering both macroeconomic variables and the households' own situation. In this post, we look at what drives changes in consumer inflation expectations. Do people respond to ...
Liberty Street Economics , Paper 20160822

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