NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Inflation Announcements and Social Dynamics

Kinda Hachem, Jing Cynthia Wu

NBER Working Paper No. 20161
Issued in May 2014, Revised in April 2017

---- Acknowledgments ----

We thank Veronica Guerrieri, Anil Kashyap, and Randy Kroszner for helpful suggestions. We have also benefited from the comments of Craig Burnside, Jon S. Cohen, Steve Davis, Jim Hamilton, Chris Hansen, Narayana Kocherlakota, Jim Pesando, Ricardo Reis, Ken West, Michael Woodford, two anonymous referees, and seminar participants at the Federal Reserve Board, Chicago Booth, UBC, FRB New York, FRB Chicago, Duke, SED 2013, the 2013 NBER Summer Institute EFSF Workshop, ASSA 2014, and the Minneapolis Fed Inflation Expectations Symposium (March 2015). Both authors gratefully acknowledge financial support from the University of Chicago Booth School of Business. Cynthia Wu also gratefully acknowledges financial support from the IBM Faculty Research Fund at the University of Chicago Booth School of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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