News and uncertainty about COVID-19: Survey evidence and short-run economic impact
By Alexander M. Dietrich, Keith Kuester, Gernot J. Müller, Raphael S. Schoenle. Journal of Monetary Economics, 2020
134 citations recorded by the source corpus.
A tailor-made survey documents consumers’ perceptions of the US economy’s response to a large shock: the advent of the COVID-19 pandemic. The survey ran at a daily frequency between March 2020 and July 2021. Consumer’s perceptions regarding output and inflation react rapidly. Uncertainty is pervasive. A business-cycle model calibrated to the consumers’ views provides an interpretation. The rise in household uncertainty accounts for two-thirds of the fall in output. Different perceptions about monetary policy can explain why consumers and professional forecasters agree on the recessionary impact, but have sharply divergent views about inflation.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/51ddcad1f4620b24a5096a6c41cdf192b680cacd
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In Economics and Econometrics
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Citations in the corpus
- Labor Markets During the COVID-19 Crisis: A Preliminary View (2020, unknown): “…a growing literature jointly models the dynamics of the pandemic and the economy to quantify the economic costs and benefits of different economic policies (Atkeson (2020), Barro et al. (2020), Eichenbaum et al. (2020), Guerrieri et al. (2020), Alvarez et al. (2020), and Dietrich et al. (2020)).”
- The Cost of the Covid-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending (2020, unknown): “…quantify the economic costs and benefits of different policies (see Atkeson (2020), Barro et al. (2020), Eichenbaum et al. (2020), Farboodi et al. (2020), Jones et al. (2020), Kaplan et al. (2020), Krueger et al. (2020), Guerrieri et al. (2020), Alvarez et al. (2020), and Dietrich et al. (2020)).”
- Consumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain (2020, background): “Dietrich et al (2020) assess the response of household expectations to the COVID-19 outbreak using an online survey of US consumers.”
- Household Financial Decision Making Amidst the COVID-19 Pandemic (2020, methodology): “Dietrich et al. (2020) report that 61% of U.S. households changed their financial planning due to the outbreak.”