For decades, households' subjective expectations elicited via surveys have been considered meaningless because they often differ substantially from the forecasts of professionals and ex-post realizations. In sharp contrast, the literature we review shows household characteristics and the ways in...

Using data from a large survey of American households, we compare density forecasts elicited with bins- and scenarios-based questions. We show that inflation density forecasts are sensitive to the survey question designs used to elicit them. The within-person discrepancy is smaller, but still...