Binding lower bounds on interest rates and large government deficits limit the scope of fiscal and monetary policies to stimulate households’ spending through financial intermediaries and firms. Policy makers have thus been implementing unconventional policies that aim to increase households’ spending directly through managing their expectations. We first show theoretically and empirically that higher inflation expectations increase households’ consumption. We then design a difference-in-differences strategy to assess the effectiveness of unconventional fiscal policy and forward guidance, both of which aim to raise aggregate demand via managing expectations. Whereas unconventional fiscal policy increases households’ expectations and spending, forward guidance announcements do not

中文翻译：

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用非常规政策管理住户的期望

利率下限和巨额政府赤字限制了财政和货币政策通过金融中介和公司刺激家庭支出的范围。因此，政策制定者一直在实施旨在通过管理家庭预期直接增加家庭支出的非常规政策。我们首先从理论和经验上证明，较高的通胀预期会增加家庭消费。然后，我们设计了一个差异化策略来评估非常规财政政策和前瞻性指导的有效性，这两者都旨在通过管理预期来提高总需求。尽管非常规财政政策增加了家庭的预期和支出，但前瞻性指引公告并没有