摘要：Economists agree that economic agents. expectations are crucially important in determin-ing macroeconomic outcomes. However, mainstream macroeconomists usually simply assumethat expectations are rational. Against this background, this study examines the properties ofJapanese households. in.ation expectations using micro-based in.ation expectations data fromthe Monthly Consumer Confidence Survey Covering All of Japan. Our analyses show thatactual in.ation expectations by Japanese households are not rational in the sense that they areupward biased, and individual households appear not to instantaneously incorporate into theirexpectations information that is freely available from news reports on the views of professionalforecasters
