Doser, Alexander; Nunes, Ricardo; Rao, Nikhil; … - 2017 - This version: October 2017
remain important, even when we account for other factors proposed in the literature, such as consumer expectations of … activity, we conclude that, in most cases, consumer expectations are more robust than nonlinearities. We find that the role of … consumer expectations was especially important in the 1970s and '80s, during a turbulent rise in inflation followed by the …