the monetary transmission process. households ’ inflation expectations, for instance, are related to their purchase intentions and can therefore affect private consumption. furthermore, household expectations on economic variables other than inflation are also relevant to central banks. if conducted at the national level, additional household surveys could focus on and detect idiosyncratic features. in particular, such data may matter for the national mandate of macroprudential policy. in order to gain a more comprehensive picture, the bundesbank has carried out a pilot study for an internet - based household survey on a monthly basis. the focus lies on consumer expectations regarding inflation and developments in the real estate market. the field phase was completed in july. in two sessions of this conference, the findings from several studies by internal and external researchers based on the pilot ’ s data will be presented to a specialist audience for the first time. as an appetiser, i have the privilege of giving you a sneak peek at key results from core questions of the pilot survey in advance : first, the median of inflation expectations over a twelve - month horizon is 2 % in all three survey waves. that is lower than in similar us surveys and indicates that german consumers ’ inflation expectations are well - anchored. second, only a small fraction of individuals in germany – namely 3 % to 4 % – expect inflation to fall. and the share of very high inflation expectations is also relatively small. overall, results vary across socio - demographic categories such as income or the level of education in ways consistent with previous studies. third, most individuals in germany think that house prices will continue to rise sharply. roughly 70 % of those questioned answered that they already consider real estate in their neighbourhood to be overvalued ; nonetheless, more than half of these persons expect prices to rise further. fourth, tenants predict stronger house price increases than owners. this interesting difference is consistent with results from our panel on household finances ( phf ). the bundesbank already conducts the phf survey of german household wealth and debt every three years – in 2017, almost 5, 000 households participated. in this third wave, the phf questionnaire was expanded in some areas to include questions on house price expectations, for example. the phf surveys and the recent pilot study have allowed the bundesbank to acquire expertise and experience. going forward, we would very much welcome cooperation with the banque de france on a high - frequency survey focusing on household expectations. in addition, the ecb has recently started to

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