Exchange-rate policies are cornerstones of the world economy. They also have fundamental welfare and distributional consequences on nations, firms, and individuals. How do individuals internalize these consequences? We challenge the conventional wisdom on the source of mass preferences and argue that many individuals understand currency policies through the lens of inflation. Specifically, we argue that people who are concerned about inflation are more likely to support a fixed exchange rate regime and are more likely to oppose depreciation. We present observational and experimental evidence across middle-income (Argentina and Serbia) and developed (United Kingdom) countries to support our argument. Further tests suggest that fears over purchasing power—instead of debt or savings considerations—drive inflation concerns.

中文翻译：

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通胀担忧和大众对汇率政策的偏好

汇率政策是世界经济的基石。它们还对国家、公司和个人产生基本的福利和分配影响。个人如何将这些后果内化？我们挑战关于大众偏好来源的传统智慧，并认为许多人通过通货膨胀的视角来理解货币政策。具体来说，我们认为关注通胀的人更有可能支持固定汇率制度，更有可能反对贬值。我们提供了中等收入（阿根廷和塞尔维亚）和发达国家（英国）的观察和实验证据来支持我们的论点。进一步的测试表明，对购买力的担忧——而不是对债务或储蓄的考虑——引发了对通胀的担忧。