This paper provides new evidence on a long-standing question asked by Shiller (1997): why do we dislike inflation? I conducted two surveys on representative samples of the US population to elicit people's perceptions about the impacts of inflation and their reactions to it. The predominant reason for people's aversion to inflation is the widespread belief that it diminishes their buying power, as neither personal nor general wage increases seem to match the pace of rising prices. As a result, respondents report having to make costly adjustments in their budgets and behaviors, especially among lower income groups. Inflation also provokes stress, emotional responses, and a sense of inequity, as the wages of high-income individuals are perceived to grow more rapidly amid inflation. Many respondents believe that firms have considerable discretion in setting wages, opting not to raise them in order to boost profits, rather than being compelled by market dynamics. The potential positive associations of inflation, such as with reduced unemployment or enhanced economic activity, are typically not recognized by respondents. Inflation ranks high in priority among various economic and social issues, with respondents blaming the government and businesses for it. I also highlight a substantial polarization in attitudes toward inflation along partisan lines, as well as across income groups.

本文为 Shiller （1997） 提出的一个长期存在的问题提供了新证据：为什么我们不喜欢通货膨胀？我对美国人口的代表性样本进行了两项调查，以了解人们对通货膨胀影响的看法以及他们对通货膨胀的反应。人们厌恶通货膨胀的主要原因是人们普遍认为通货膨胀会降低他们的购买力，因为个人和一般工资的增长似乎都与物价上涨的速度不匹配。因此，受访者报告说不得不对他们的预算和行为进行代价高昂的调整，尤其是在低收入群体中。通货膨胀还会引发压力、情绪反应和不平等感，因为人们认为高收入者的工资在通货膨胀中增长得更快。许多受访者认为，公司在设定工资方面有相当大的自由裁量权，他们选择不提高工资以提高利润，而不是被市场动态所迫。受访者通常没有认识到通货膨胀的潜在积极关联，例如与失业率降低或经济活动增加。通货膨胀在各种经济和社会问题中处于高度优先地位，受访者将其归咎于政府和企业。我还强调了党派以及收入群体对通胀的态度存在严重两极分化。