WorkingPaperSeriesInflationpreferencesHassanAfrouzi,AlexanderM.Dietrich,KristianOveR.Myrseth,RomanosPriftis,RaphaelS.SchoenleDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No2957AbstractWedocumentnovelsurvey-basedfactsaboutpreferredlong-runinflationratesamongUSconsumers.Consumersonaverageprefera0.20%annualinflationrate,wellbelowtheFederalReserve’s2%target.Inflationpreferencesnotonlycorrelatewithdemographicandsocioeco-nomiccharacteristics,butalsowitheconomicreasoning.Arandomizedcontroltrialrevealsthattwonarrativesbasedoneconomicmodels—describinghowinflationlowerstherealvalueofwagesandmoneyholdings—affectinflationpreferences.Whileourresultscaninformthedesignofcentralbankcommunicationoninflationtargets,theyalsoraisequestionsaboutthealignmentbetweensuchtargetsandconsumerpreferences.Keywords:Householdexpectations,Survey,InflationpreferencesJEL-Codes:C83,E31,E52ECBWorkingPaperSeriesNo29571Non-technicalsummaryMostmoderncentralbanksoperateunderamandateofpricestability.However,theinterpretationofpricestabilityinpolicycirclesandacademiahasevolvedtotargetingagivenleveloflowandstableinflation.Thisleapfromstablepricestostableinflationisjustifiedbythenotionthatsomeinflationcanbegood,derivingfromtheore...
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