We examine the formation of inflation expectations of US consumers, capturing the impact of their other macroeconomic expectations and self-assessments regarding risk aversion and health. Our results suggest that expectations regarding various macroeconomic variables, e.g., expected developments...

By carefully matching the datasets from the Michigan Survey of Consumers with the Survey of Professional Forecasters, we show that there exists substantial heterogeneity in the propensity of U.S. households to learn from experts in forming inflation expectations. Additional results for a group...