In this chapter, we discuss field experiments in surveys that are conducted with the purpose
of learning about expectation formation and the link between expectations and behavior. We …

This paper studies how and why households adjust their spending, saving, and borrowing in
response to transitory income shocks. We leverage new large-scale survey data to first …

In addition to realized earnings and employment shocks, forward-looking individuals are
presumed to condition their consumption and labor supply decisions on their subjective …

Wage growth occurs almost exclusively in full-time work, whereas it is close to zero in part-
time work. German women, when asked to predict their own potential wage outcomes, show …

Despite its centrality in monetary policy, communication is not a focus in social security
reform. We investigate the potential for active communication to dissipate apparently …

Retirement expectations—measured either as expected retirement age or the subjective
probability of working until a particular age—are widely available in longitudinal studies …

We propose a regression-based approach to estimate how individuals' expectations
influence their responses to a counterfactual change. We provide conditions under which …

Many macroeconomic models struggle to explain the sluggish response of aggregate
variables to sudden shocks and changes in policy. While numerous theories of adjustment …

Social Security (SS) benefits, with an average replacement rate of around 40 percent, serve
as an important source of retirement income for older Americans. Yet, the size of lifetime …

We provide a framework to disentangle the role of preferences and beliefs in health
behavior, and we apply it to compliance behavior during the acute phase of the COVID-19 …