Table 2. Open in new tab Descriptive...

	Robust moments	Moments
Pre-treatment data
Perceived inflation, previous 12 months	2.88	2.41	7.41	3.00	13.23
Expected inflation, 12-month ahead	2.32	2.02	3.62	2.60	3.69
Perceived and expected mortgage rate for a “person like you”
Current	4.55	1.19	7.13	4.80	8.63
End of 2019	4.90	1.44	7.59	5.00	8.74
End of 2020	5.28	1.65	8.20	5.50	9.26
End of 2021	5.53	1.92	8.74	6.00	10.07
Next 5–10 years	5.95	2.35	9.78	6.00	11.71
Post-treatment data
Expected inflation, 12-month ahead	1.89	1.54	4.06	2.00	9.63
Expected inflation, next 3–5 years	2.42	1.79	4.65	3.00	9.47
Perceived and expected mortgage rate for a “person with excellent credit”
Current	4.13	1.07	5.72	4.00	7.33
End of 2019	4.39	1.09	6.02	4.50	6.96
End of 2020	4.73	1.37	6.52	5.00	7.40
End of 2021	4.97	1.57	6.88	5.00	7.83
Next 5–10 years	5.36	1.90	7.70	5.50	9.24

Robust moments

Moments

Mean

Standard Deviation

Mean

Median

Standard Deviation

(1)

(2)

(3)

(4)

(5)

Pre-treatment data

Perceived inflation, previous 12 months

2.88

2.41

7.41

3.00

13.23

Expected inflation, 12-month ahead

2.32

2.02

3.62

2.60

3.69

Perceived and expected mortgage rate for a “person like you”

Current

4.55

1.19

7.13

4.80

8.63

End of 2019

4.90

1.44

7.59

5.00

8.74

End of 2020

5.28

1.65

8.20

5.50

9.26

End of 2021

5.53

1.92

8.74

6.00

10.07

Next 5–10 years

5.95

2.35

9.78

6.00

11.71

Post-treatment data

Expected inflation, 12-month ahead

1.89

1.54

4.06

2.00

9.63

Expected inflation, next 3–5 years

2.42

1.79

4.65

3.00

9.47

Perceived and expected mortgage rate for a “person with excellent credit”

Current

4.13

1.07

5.72

4.00

7.33

End of 2019

4.39

1.09

6.02

4.50

6.96

End of 2020

4.73

1.37

6.52

5.00

7.40

End of 2021

4.97

1.57

6.88

5.00

7.83

Next 5–10 years

5.36

1.90

7.70

5.50

9.24

	Robust moments	Moments
Pre-treatment data
Perceived inflation, previous 12 months	2.88	2.41	7.41	3.00	13.23
Expected inflation, 12-month ahead	2.32	2.02	3.62	2.60	3.69
Perceived and expected mortgage rate for a “person like you”
Current	4.55	1.19	7.13	4.80	8.63
End of 2019	4.90	1.44	7.59	5.00	8.74
End of 2020	5.28	1.65	8.20	5.50	9.26
End of 2021	5.53	1.92	8.74	6.00	10.07
Next 5–10 years	5.95	2.35	9.78	6.00	11.71
Post-treatment data
Expected inflation, 12-month ahead	1.89	1.54	4.06	2.00	9.63
Expected inflation, next 3–5 years	2.42	1.79	4.65	3.00	9.47
Perceived and expected mortgage rate for a “person with excellent credit”
Current	4.13	1.07	5.72	4.00	7.33
End of 2019	4.39	1.09	6.02	4.50	6.96
End of 2020	4.73	1.37	6.52	5.00	7.40
End of 2021	4.97	1.57	6.88	5.00	7.83
Next 5–10 years	5.36	1.90	7.70	5.50	9.24

Table 2.

Open in new tab

Descriptive statistics.

	Robust moments		Moments
	Mean	Standard Deviation	Mean	Median	Standard Deviation
	(1)	(2)	(3)	(4)	(5)
Pre-treatment data
Perceived inflation, previous 12 months	2.88	2.41	7.41	3.00	13.23
Expected inflation, 12-month ahead	2.32	2.02	3.62	2.60	3.69
Perceived and expected mortgage rate for a “person like you”
Current	4.55	1.19	7.13	4.80	8.63
End of 2019	4.90	1.44	7.59	5.00	8.74
End of 2020	5.28	1.65	8.20	5.50	9.26
End of 2021	5.53	1.92	8.74	6.00	10.07
Next 5–10 years	5.95	2.35	9.78	6.00	11.71
Post-treatment data
Expected inflation, 12-month ahead	1.89	1.54	4.06	2.00	9.63
Expected inflation, next 3–5 years	2.42	1.79	4.65	3.00	9.47
Perceived and expected mortgage rate for a “person with excellent credit”
Current	4.13	1.07	5.72	4.00	7.33
End of 2019	4.39	1.09	6.02	4.50	6.96
End of 2020	4.73	1.37	6.52	5.00	7.40
End of 2021	4.97	1.57	6.88	5.00	7.83
Next 5–10 years	5.36	1.90	7.70	5.50	9.24

	Robust moments		Moments
	Mean	Standard Deviation	Mean	Median	Standard Deviation
	(1)	(2)	(3)	(4)	(5)
Pre-treatment data
Perceived inflation, previous 12 months	2.88	2.41	7.41	3.00	13.23
Expected inflation, 12-month ahead	2.32	2.02	3.62	2.60	3.69
Perceived and expected mortgage rate for a “person like you”
Current	4.55	1.19	7.13	4.80	8.63
End of 2019	4.90	1.44	7.59	5.00	8.74
End of 2020	5.28	1.65	8.20	5.50	9.26
End of 2021	5.53	1.92	8.74	6.00	10.07
Next 5–10 years	5.95	2.35	9.78	6.00	11.71
Post-treatment data
Expected inflation, 12-month ahead	1.89	1.54	4.06	2.00	9.63
Expected inflation, next 3–5 years	2.42	1.79	4.65	3.00	9.47
Perceived and expected mortgage rate for a “person with excellent credit”
Current	4.13	1.07	5.72	4.00	7.33
End of 2019	4.39	1.09	6.02	4.50	6.96
End of 2020	4.73	1.37	6.52	5.00	7.40
End of 2021	4.97	1.57	6.88	5.00	7.83
Next 5–10 years	5.36	1.90	7.70	5.50	9.24

Notes: Pre-treatment expected inflation (12 months ahead) is computed as mean implied from the reported probability distribution over a range of bins. All other measures of inflation are reported as point predictions. Pre-treatment expected inflation excludes responses reporting deflation. Perceived and expected mortgage rates are elicited for “a person like you” at the pre-treatment stage and for “someone with excellent credit” at the post-treatment stage. Moments in columns (1) and (2) are computed using the Huber-robust method. The number of observations is 26,891.

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