The Heterogeneity And Formation Mechanism Of Households’ Inflation Perception

Almost modern macroeconomic models,especially monetary policy’s models,in-flation expectation is a very important economic variables.Therefore,it is known thatinflation expectation management is very important to the transmission of monetarypolicy and macroeconomic stability.However,all of the research about inflationexpectation,homogeneous expectation is the premise.This is not in conformity with thefact,the results of questionnaire survey show that inflation expectations are differentbetween different groups.At the same time, a large number of studies have shown thathouseholds’ inflation perception is an important influencing factors of inflationexpectations.The heterogeneity of inflation perception is an important reason thatinflation expectation shows heterogeneity,the heterogeneity of inflation expectation isaffected to the great degree by the heterogeneity of inflation perception.So, if you wantto really understand the heterogeneity and formation mechanism of inflationexpectation,must fully study the heterogeneity and formation mechanism of households’inflation,only in this way we can understand the theory of inflation expectations better,then optimize the economic model of inflation expectation, improve the ability of modelprediction and explanation.Therefore, this article will choose the heterogeneity ofinflation perception as a starting point, to study the inner link of the heterogeneity andformation mechanism of households’ inflation perception and the heterogeneity andformation mechanism of inflation expectation.This paper will make a deep analysis,respectively from the theoretical and empiricalsections of the heterogeneity and formation mechanism of households’inflationperception.In the section of theoretical analysis, firstly, the global studies aresummarized and concluded, on this basis, introduces the innovation and deficiency ofexisting research, then put forward views and ideas of this paper. And then analyzes themanifestation of heterogeneity, give a detailed description of formation process ofheterogeneity and theoretical analysis, comprehensively and systematically analyzeswhich individual characteristics may affect households’ inflation perception.In the empirical research, firstly conduct a questionnaire survey of zhejiangprovince to obtain first-hand information, and then make a statistical analysis of surveydata, finally use a multiple linear regression model and logistic model of survey data forempirical analysis. In the analysis of heterogeneity of orderly classification morelogistic regression model,answer which factors affect the heterogeneity of households’ inflation perception. Results show that the household income, place of residence, age,household assets, purchase frequency significantly affect households’ inflationperception,and household income, age, household assets have a positive significantimpact on households’ inflation perception, place of residence and purchase frequencyhave a negative significant impact on inflation perception. On the analysis of theaccuracy differences of households’ inflation perceptionn in binary logistic regressionmodel,age,education,work,household assets and main shoppers significantly affecthouseholds’ inflation perception accuracy.Main shoppers and household assets havepositive influence on households’ inflation perception accuracy,age, education and workhave negative influence on households’ inflation perception accuracy.In the analysis ofmultivariate linear regression model of the different impact on inflation expectations,the results show that household income, gender, education,household assets,agesignificantly affect the degree of impact on inflation expectations,household income andgender have a positive significant impact,household assets, age and education have anegative significant impact.Finally,based on the research conclusion, put forwardrelevant policy suggetions of improving the central bank’s credibility, popularizingknowledge of finance, lowering the price of goods, perfecting social securitymechanism to lower households’inflation perception, thus achieve the goal of loweringhouseholds’ inflation expectation.This article mainly has the following aspects of innovation,Firstly,enriches andperfects the theory of inflation perception and inflation expectation, so far, the domesticstudy of inflation perception is almost blank, while research on heterogeneity ofinflation expectation, have no literature to study from the perspective of heterogeneityon inflation perception.Secondly, this paper extends the research scope and content ofheterogeneity on inflation perception,the existing study only from the level of inflationperception to study heterogeneity on inflation perception, and this article will fromvarious angles to study heterogeneity on inflation perception.But due to various constraints, this paper have many deficiencies,such as lower dataquantity and quality, lower model explanation.