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Partisan expectations and COVID era inflation: A comment

Author

Listed:
  • Aidala, Felix
  • Armantier, Olivier
  • Topa, Giorgio
  • van der Klaauw, Wilbert

Abstract

In this note we provide comments on the paper “Partisan Expectations and COVID Era Inflation” (2024) by Binder, Kamdar, and Ryngaert (BKR). We complement BKR’s analysis by bringing to bear new evidence from the New York Fed’s Survey of Consumer Expectations. Our analysis confirms BKR’s results of a relationship between political affiliation and inflation expectations. However, we find no clear evidence that Republicans’ inflation expectations became unanchored during the Covid-19 era. We also offer some commentary on BKR’s MSA-level empirical Phillips curve analysis and conclude with some observations on how BKR’s paper contributes to the literature on consumers’ inflation expectations.

Suggested Citation

  • Aidala, Felix & Armantier, Olivier & Topa, Giorgio & van der Klaauw, Wilbert, 2024. "Partisan expectations and COVID era inflation: A comment," Journal of Monetary Economics, Elsevier, vol. 148(S).
    • Handle: RePEc:eee:moneco:v:148:y:2024:i:s:s0304393224001120
    DOI: 10.1016/j.jmoneco.2024.103659
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    More about this item

    Keywords

    Inflation; Expectations; Anchoring; Consumer surveys; Elections;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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