Households' Response to the Wealth Effects of Inflation

We thank our partners at a bank for their collaboration and the data necessary to conduct this research. The bank data were obtained under a non-disclosure agreement. The bank did not review the results of the paper prior to public dissemination. We are also grateful for helpful comments from Adrien Auclert, Paola Boel (discussant), Felix Chopra, Andreas Fuster, Katrin Gödker (discussant), Mete Kilic (discussant), Nora Lamersdorf (discussant), Christine Laudenbach, Stephan Luck, Chris Roth, Jan Toczynski (discussant), and Johannes Wohlfart, and from conference and seminar participants at Deutsche Bundesbank, Goethe University Frankfurt, the Heidelberg-Karlsruhe-Mannheim seminar, Nova SBE, Radboud University Nijmegen, the 2023 Central Bank Research Association Conference, 11th Helsinki Finance Summit, 13th ifo Conference on Macroeconomics and Survey Data, 7th SAFE Household Finance Workshop, 2023 Swiss Winter Conference on Financial Intermediation, and 2023 Western Finance Association Conference. The experiment received IRB approval from the German Association for Experimental Economic Research (Number: 5hjDTgn8) and is preregistered in the AEA RCT Registry (ID: 9735). The contribution by Philip Schnorpfeil has been prepared under the Lamfalussy Fellowship Programme sponsored by the ECB. Any views expressed are only those of the authors and do not necessarily represent the views of the ECB, the Eurosystem, or the National Bureau of Economic Research.

• randomized controlled trials registry entry