in tailored panel surveys of German firms and households, conducted before and during a large shock to inflation. Using … are more likely to adjust inflation expectations during the shock, have higher confidence in their beliefs, and hold … smaller misperceptions about realized inflation, yet their expectations about future inflation deviate more strongly from …

-in the context of a historic surge in inflation. We measure economic narratives in open-ended survey responses and represent …, households' narratives strongly shape their inflation expectations, which we demonstrate with descriptive survey data and a …

With fixed costs of price and quantity adjustment, output effects of inflation depend on the elasticity of the firm …'s marginal real revenue. If the elasticity always exceeds minus unity, then output decreases with inflation, while if the … elasticity is always less than minus unity, then output increases with inflation. In the special case that the elasticity always …

the traditional results on the impact of inflation. In particular, recent findings suggest that quantity-adjustment costs … may remove the linkage between output and inflation. We show that this is not the case when inflation is anticipated. On …