This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by … inflation. Equivalent results are found during recessions. …

expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased … government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external …

strengthen the countercyclical behavior of markups and attenuate the response of inflation to fluctuations in output. …

empirical stylized facts. Pricing patterns mostly conform to these patterns. Most price changes are positive, and inflation is …

This paper uses the historical narrative record to determine whether inflation expectations shifted during the second … and the forecasts of contemporary business analysts, we show that inflation expectations increased dramatically. Second …, using an event-studies approach, we identify the impact on financial markets of the key events that shifted inflation …