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A New Measure of Consumers’ (In)Attention to Inflation

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  • Hana Braitsch
  • James Mitchell

Abstract

Since the onset of the SARS-CoV-2 (COVID-19) pandemic in March 2020, the Federal Reserve Bank of Cleveland has been running a daily survey that asks consumers for their views on how they are responding to COVID-19 and how COVID-19 is likely to affect the economy. Among the many questions asked, the survey solicits consumers’ inflation expectations. This is an important data set given that such expectations, while affected by current and past inflation, have long been believed to influence future inflation. In this Commentary, we use these daily expectations data to propose a new measure of how attentive consumers are to inflation.

Suggested Citation

  • Hana Braitsch & James Mitchell, 2022. "A New Measure of Consumers’ (In)Attention to Inflation," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2022(14), pages 1-7, October.
    • Handle: RePEc:fip:fedcec:94940
    DOI: 10.26509/frbc-ec-202214
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