, and iv) a underweight of monetary policy instruments. With respect to the evidence of rationality, we find the partial use …

sufficiently increased their rationality yet. On the other hand, there appear some signs of consumer inflation expectations in …

considering the extent to which they fulfil some of the necessary conditions for rationality. The results suggest an intermediate … form of rationality. In particular, the surveyed expectations are an unbiased predictor of future price developments and …

This paper considers the evidence of “near-rationality,” as described by Akerlof, Dickens, and Perry (2000). Using … unsupportive of the near-rationality hypothesis. However, we document that household inflation expectations tend to settle around …