{"id":20,"date":"2023-04-02T16:09:28","date_gmt":"2023-04-02T16:09:28","guid":{"rendered":"http:\/\/192.168.1.13\/wordpress\/?page_id=20"},"modified":"2025-11-13T06:32:13","modified_gmt":"2025-11-13T06:32:13","slug":"research","status":"publish","type":"page","link":"https:\/\/claralindemann.com\/index.php\/research\/","title":{"rendered":"Research"},"content":{"rendered":"\n

Households\u2019 Inflation Expectations and their Consumption Basket (Job Market Paper)<\/h4>\n\n\n\n
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Abstract:
In this paper I study the pass-through from consumers\u2019 personal inflation rates to their inflation expectations using a German household dataset on consumer expectations. Exploiting information on individual consumption baskets and official data on goods inflation rates I calculate a personal inflation rate and estimate the effect of the personal inflation rate on inflation expectations. I find a time-varying dispersion of the personal inflation rate across consumers and significant positive effect of an increase in the personal inflation rate on consumers inflation expectations. My dataset shows that a 1% increase in the personal inflation rate in times of increasing inflation is associated with an about 0.04% increase in one-year-ahead inflation expectations. This effect is stable across different socio-economic groups, but more pronounced in times of high inflation. On goods level I find that increases in spending or inflation rates of food, mobility or housing especially increase consumers inflation expectations. I analyze the impact of my empirical findings on the wage setting and the propagation of shocks in the macro economy. Additionally, I analyze the time-dependence of my estimation results.<\/p>\n\n\n\n

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Inflation, Inequality, and the Business Cycle<\/strong>
with Sofia Semik<\/a> and Mathias Trabandt<\/a><\/h4>\n\n\n\n
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Abstract:
In this paper we introduce a nonlinear Phillips curve with a state-dependent slope into an otherwise standard HANK model. We show that the nonlinear Phillips curve is crucial for the model to be able to account jointly for the properties of inflation and inequality observed in the data. Our model implies that over the business cycle inflation and income inequality increase more strongly than they decrease. Thus, our model is able to account well for the observed positive skewed distribution of US inflation rates and income inequality. A version of our model with a constant Phillips curve slope fails to account for the observed skewness in inflation and inequality.<\/p>\n\n\n\n

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Forward Guidance and the Zero Lower Bound on Inflation Expectations<\/strong><\/h4>\n\n\n\n
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Abstract: <\/em>
In this paper I explore unconventional monetary policy interventions as a potential cause for a zero lower bound on inflation expectations. I therefore implement a zero lower bound on inflation expectations and compare this to a situation where the central bank engages in unconventional monetary policy, especially forward guidance. My simulations show that in a New Keynesian model with a central bank that uses forward guidance policy a zero lower bound on inflation expectations can be a result of monetary policy.<\/p>\n\n\n\n

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Households\u2019 Inflation Expectations and their Consumption Basket (Job Market Paper) Abstract: In this paper I study the pass-through from consumers\u2019 personal inflation rates to their inflation expectations using a German household dataset on consumer expectations. Exploiting information on individual consumption baskets and official data on goods inflation rates I calculate a personal inflation rate and… Continue reading Research<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/pages\/20"}],"collection":[{"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/comments?post=20"}],"version-history":[{"count":45,"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/pages\/20\/revisions"}],"predecessor-version":[{"id":233,"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/pages\/20\/revisions\/233"}],"wp:attachment":[{"href":"https:\/\/claralindemann.com\/index.php\/wp-json\/wp\/v2\/media?parent=20"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}