ECONOMIC LETTER
Households are currently expecting inflation to run high in the short run but to remain muted over the more distant future. Given this divergence, what role do household inflation expectations play in determining what workers expect for future wages? Data show that wage inflation is sensitive to movements in household short-run inflation expectations but not to those over longer horizons.
From the President
Keynote Address
Chapman University Shadow Open Market Committee Conference
June 24, 2022
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September 8, 2022
FROM THE BOARD OF GOVERNORS
Economic Letter
Japan's strong response to the economic fallout from COVID-19 presents an opportunity to examine whether expansionary fiscal policies raise long-term inflation expectations. Analyzing market-based estimates of long-term inflation expectations in Japan shows that announcements of government fiscal stimulus under COVID-19 had no meaningful impact on investors’ long-term inflation expectations.
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