Survey on understanding and expectations of monetary policy

Last registered on March 31, 2026
View Trial History

Pre-Trial

Trial Information

General Information

Title
Survey on understanding and expectations of monetary policy
RCT ID
AEARCTR-0017868
Initial registration date
February 10, 2026

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
March 31, 2026, 9:30 AM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Country
United States of America
Region

Primary Investigator

Name
Aina Puig
Affiliation
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Xuguang Sheng
PI Affiliation
American University

Additional Trial Information

Status
Completed
Start date
2023-09-21
End date
2023-09-22
Keywords
Behavior
Additional Keywords
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
The purpose of this study is to learn how people understand and respond to monetary policy. Participation in this study will aid researchers, economists, and policymakers to understand how people view monetary policy, inflation, and the Federal Reserve.
External Link(s)

Registration Citation

Citation
Puig, Aina and Xuguang Sheng. 2026. "Survey on understanding and expectations of monetary policy." AEA RCT Registry. March 31. https://doi.org/10.1257/rct.17868-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Intervention (Hidden)
Intervention Start Date
2023-09-21
Intervention End Date
2023-09-22

Primary Outcomes

Primary Outcomes (end points)
People's understanding of and responses to monetary policy.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
The marginal propensity to consume out of a transfer.
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
This survey will be collected directly following a change of monetary policy at a Federal Reserve Board FOMC meeting. I will ask questions about how much people know about the Fed's policy. The sample was split evenly into two groups (control and treatment) by random assignment. The treatment group received a text of information with part of a statement from the Federal Reserve Board chairperson on their policy. The goal of this experiment is to estimate whether the receipt of this information changes people's expectations of the future.
Experimental Design Details
Randomization Method
Randomization done in office by a computer.
Randomization Unit
Individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
600 individuals
Sample size: planned number of observations
600 individuals
Sample size (or number of clusters) by treatment arms
600 individuals
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
American University Institutional Review Board (IRB)
IRB Approval Date
2023-06-07
IRB Approval Number
Details not available
Analysis Plan

Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
Yes
Intervention Completion Date
September 21, 2023, 12:00 AM +00:00
Data Collection Complete
Yes
Data Collection Completion Date
September 21, 2023, 12:00 AM +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
301 individuals
Was attrition correlated with treatment status?
No
Final Sample Size: Total Number of Observations
602 individuals
Final Sample Size (or Number of Clusters) by Treatment Arms
301 individuals control, 301 individuals treatment
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials