Inflation and the Consumer

摘要: THE STUDY BY F. Thomas Juster and Paul Wachtel in an earlier issue of Brookings Papers on Economic Activity' provides a most useful confirmation considerations about consumers' reactions to inflation presented by this writer over many years. make extensive use data collected the Survey Research Center's quarterly surveys changes consumer attitudes expectations. The appendix article presents two tables used, both which contain adjusted data. discussion paper indicates that readers have received misleading impression survey findings during last few Therefore, some original are reproduced communication. Table B-2 (page 112) center's index sentiment as "filtered" Juster, who introduced considerable lag. unadjusted index, 1 below used center for purpose predicting discretionary expenditures, shows different movements. This is case regarding time when recession 1970 was first predicted (May August 1969, not November 1969 indicated B-2) well winter 1971-72. In B-3 113) present expected price change derived from They conclude table "the current largely