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04.07.2019 | Regular Article

Epidemiology of inflation expectations and internet search: an analysis for India

Zeitschrift:
Journal of Economic Interaction and Coordination
Autoren:
Saakshi, Sohini Sahu, Siddhartha Chattopadhyay
Wichtige Hinweise

Electronic supplementary material

The online version of this article (https://​doi.​org/​10.​1007/​s11403-019-00255-4) contains supplementary material, which is available to authorized users.
The authors express their gratitude to the Associate Editor-in-charge and two anonymous referees for their useful comments on an earlier version of this work.

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Abstract

This paper investigates how inflation expectations of individuals are formed in India. We investigate if the news on inflation plays a role in the formation of inflation expectations following the epidemiology-based work by Carroll (Q J Econ 118(1):269–298, 2003). The standard literature on this topic considers news coverage by the print and audio-visual media as the sources of formation of inflation expectations. Instead, we consider the Internet as a potential common source of information based on which agents form their expectations about future inflation. Based on data extracted from Google Trends, our results indicate that during the period 2006–2018, the Internet has indeed been a common source of information based on which agents have formed their expectations about future inflation, and the Internet search sentiment has had some impact on inflation expectations. Additionally, based on the inflation expectations series derived from the Google Trends data, we find that there is presence of “information stickiness” in the system since only a small fraction of the population update their inflation expectations each period.

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Zusatzmaterial
Supplementary material 1 (XLSX 25 kb)
11403_2019_255_MOESM1_ESM.xlsx
Literatur
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