TY  - JOUR
AU  - Blanchflower,David G.
AU  - MacCoille,Conall
TI  - The formation of inflation expectations: an empirical analysis for the UK
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15388
PY  - 2009
Y2  - September 2009
UR  - http://www.nber.org/papers/w15388
L1  - http://www.nber.org/papers/w15388.pdf
N1  - Author contact info:
David G. Blanchflower
Bruce V. Rauner Professor of Economics
6106 Rockefeller Hall
Dartmouth College
Hanover, NH  03755-3514
Tel: 603/646-2536
Fax: 603/646-2122
E-Mail: David.G.Blanchflower@Dartmouth.EDU

Conall MacCoille
Bank of England
E-Mail: conall.maccoille@bankofengland.co.uk
AB  - This paper uses micro-data from three surveys for the UK to consider how individuals form inflation expectations. Generally, we find significant non-response bias in all surveys, with non-respondents especially likely to be young, female, less educated and with lower incomes. A number of demographic generalizations can be made based on the surveys. Inflation expectations rise with age, but the more highly educated and home owners tend to have lower inflation expectations.  These groups are also more likely to be accurate in their estimates of official inflation twelve months ahead, and have less backward-looking expectations.
ER  -