Bio

Tao Wang is a macroeconomist researching on heterogeneous-agent macroeconomics and behavioral macroeconomics. His primary research focus is understanding the patterns of household expectations and risk perceptions and their macroeconomic implications by combining evidence from survey data and quantitative macroeconomic models.

Research Field(s): Business Cycles Inequality Information and Uncertainty Macroeconomics Monetary Economics Quantitative Macroeconomics

Staff working papers

How Do Agents Form Macroeconomic Expectations? Evidence from Inflation Uncertainty

Staff Working Paper 2024-5 Tao Wang
The uncertainty regarding inflation that is observed in density forecasts of households and professionals helps macroeconomists understand the formation mechanism of inflation expectations. Shocks to inflation take time to be perceived by all agents in the economy, and such rigidity is lower in a high-inflation environment.
Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, Monetary policy and uncertainty JEL Code(s): D, D8, D84, E, E3, E31, E7, E71

Perceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models

Staff Working Paper 2023-59 Tao Wang
Perceived income risks reported in a survey of consumer expectations are more heterogeneous and, on average, lower than indirectly calibrated risks based on panel data. They prove to be one explanation for why a large fraction of households hold very little liquid savings and why accumulated wealth is widely unequal across households.
Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Monetary policy, Monetary policy and uncertainty JEL Code(s): D, D1, D14, E, E2, E21, E7, E71, G, G5, G51

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Journal publications

Makridis, Christos A., and Tao Wang. "Learning from friends in a pandemic: Social networks and the macroeconomic response of consumption." European Economic Review 169 (2024): 104836.