Subjective Models of the Macroeconomy and the Transmission of Monetary Policy

Evidence from a multi-country survey shows that heterogeneous beliefs about how monetary policy works significantly alter households' consumption responses to rate changes.

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Featured in No. 136 on 23 Oct 2026 · 11 days after release

Bar chart showing subjective channels' influence on consumption changes by interaction type. — Figure 5: Explained Variation of Change in Consumption by Subjective Models: Boosted Regression Trees

Released: 12 Oct 2026
First featured: No. 136 · 23 Oct 2026
Published in: Not yet, as far as Semantic Scholar knows
Fanfare: 3 of 5
Identifier: RePEc:nbr:nberwo:35831
Authors: Francesco D’Acunto et al.

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