conventional and aggregated inflation expectations. Our results chart a new course for designing measurement of inflation …This paper introduces a novel measure of consumer inflation expectations: We elicit and combine inflation forecasts … across categories of personal consumption expenditure to form an aggregated measure of inflation expectations. Drawing on …

We document how supply-chain pressures, household inflation expectations, and firm pricing power interacted to induce … the pandemic-era surge in consumer price inflation in the euro area. Initially, supply-chain pressures increased inflation … through a cost-push channel and raised inflation expectations. Subsequently, the cost-push channel intensified as firms with …

Why do some attempts at disinflation lead to substantial reductions in inflation while others do not? We investigate … that a fundamental determinant of success in reducing inflation was the strength of the Federal Reserve's commitment to … disinflation at the start of its attempts. In episodes where its commitment was high, there were significant declines in inflation …

This study analyzes how firms form their inflation expectations during a regime change in monetary policy and a … transition to a low-inflation environment. Using the Bank of Israel survey of firms, we document the basic properties of firms …' inflation expectations and examine how Israeli firms update their inflation expectations after receiving new information about …

This paper discusses the recent wave of research that has emphasized the importance of measures of consumers' inflation … expectations. In contrast to other measures of expected inflation, such as for experts or financial market participants, consumers …' inflation expectations capture the broader distribution of societal beliefs about inflation. This research has revealed very …

the Covid pandemic. Inflation responded asymmetrically to movements in demand. This helps to explain why inflation did not … most of the rise during the rebound. Inflation rates across firms have become more dispersed and skewed since the start of … the pandemic. We find that average price inflation is positively correlated with the dispersion and skewness of the …

What is the effect of higher expectations of future inflation on current inflation? I compute this passthrough for a … most, expectations of long-run inflation are completely irrelevant; (v) I provide a generalized Phillips curve for current … inflation as a linear function of expectations of future inflation and realized past inflations; (vi) I show that the sum of all …

short-run and long-run inflation expectations. The estimated model allows us to analyze the direct and indirect effects of … product-market and labor-market shocks on prices and nominal wages and to quantify the sources of U.S. pandemic-era inflation … and wage growth. We find that, contrary to early concerns that inflation would be spurred by overheated labor markets …

explaining bouts of inflation. We begin by showing that a quasi-flat Phillips curve, which was popular prior to the pandemic …, still fits the post-2020 US data well and that changes in short term inflation expectations induced by supply shocks likely … played a major role in the recent inflation episode. We then document features of the joint dynamics of inflation and …

We document that, during the COVID-19 era, the inflation expectations of Democrats remained strongly anchored, while … those of Republicans did not. Republicans' expectations not only rose well above the inflation target, but also became more … affiliation at the MSA level to show that the partial de-anchoring of expectations had implications for realized inflation …