@TechReport{dp-747,
  author   = {Dräger, Lena and Marencak, Michal and Nghiem, Giang and Paloviita, Maritta},
  astring  = {Lena Dräger, Michal Marencak, Giang Nghiem, Maritta Paloviita}
  title    = {Heterogeneity in Consumers' Economic Expectations across Euro Area Countries},
  month    = {June},
  year     = {2026},
  pages    = {79},
  number   = {747},
  size     = {3509},
  language = {en},
  keywords = {Country heterogeneity, Expectations, Consumer Expectations Survey},
  jelclass = {D30, D84, E31, E52},
  abstract = {This paper examines cross-country differences in consumer expectations about
  macroeconomic outcomes and mortgage borrowing conditions within a monetary
  union. Using harmonized microdata from the ECB Consumer Expectations
  Survey for eleven euro area countries, we document significant national
  disparities. By sequentially adding a rich set of consumer- and country-specific
  macro controls to pooled regressions with country fixed effects, we find that
  these factors account for much, but not all, of the cross-country heterogeneity
  in expectations. These remaining differences likely reflect unobserved countryspecific
  factors, highlighting the need for country-tailored monetary policy
  communication to effectively stabilize consumer expectations.}
}