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BPEA Article

Inflation and the Consumer

Abstract

THE STUDY BY F. Thomas Juster and Paul Wachtel in an earlier issue of Brookings Papers on Economic Activity' provides a most useful confirmation of considerations about consumers' reactions to inflation presented by this writer over many years. Juster and Wachtel make extensive use of data collected by the Survey Research Center's quarterly surveys of changes in consumer attitudes and expectations. The appendix to the article presents two tables on data used, both of which contain adjusted data. The discussion of the paper indicates that the readers have received a misleading impression about survey findings during the last few years. Therefore, some of the original survey data are reproduced in this communication.

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