Consumer Expectations: Micro Foundations and Macro Impact

Consumer Expectations

Micro Foundations and Macro Impact
 
Publisher: Cambridge University Press
Date of Publication:
 
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Product details:

ISBN13:9781107004696
ISBN10:1107004691
Binding:Hardback
No. of pages:360 pages
Size:235x157x24 mm
Weight:620 g
Language:English
94
Category:
Short description:

Proposes a new comprehensive theory about how expectations are formed and how they shape the macro economy.

Long description:
Richard Curtin has directed the University of Michigan's consumer sentiment surveys for more than four decades. His analyses of recent trends in consumer expectations are regularly covered in the worldwide press. In this book, Curtin presents a new theory of expectations. Whereas conventional theories presume that consumers play a passive role in the macro economy, simply reacting to current trends in incomes, prices, and interest rates, Curtin proposes a new empirically consistent theory. He argues that expectations are formed by an automatic process that utilizes conscious and nonconscious processes, passion and reason, information from public and private sources, and social networks. Consumers ultimately reach a decision that serves both the micro decision needs of individuals and reflects the common influence of the macro environment. Drawing on empirical observations, Curtin not only demonstrates the importance of consumer sentiment, but also how it can foreshadow the cyclical turning points in the economy.

'There is no one on earth who knows more about consumer expectations and the macroeconomy than Richard Curtin. All the rest of us have much to learn from this impressive book.' Alan S. Binder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs, Princeton University, New Jersey
Table of Contents:
1. Expectations and the macroeconomy; Part I. The Formation of Expectations: 2. Conventional theories of expectations; 3. Private and public sources of economic information; 4. Processing economic information; 5. Affective influences on expectations; 6. The construction of expectations; Part II. The Consumer and the Macroeconomy: 7. Expectations of macroeconomic cycles; 8. The measurement of expectations; 9. Tailored economic expectations; 10. Economic expectations: paradigms and theories.