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 …

and during a historic shock to inflation, we document three sets of results: First, at-tention to the macroeconomy is … likely to adjust inflation expectations during the shock, have higher confidence in their beliefs, and hold smaller … misperceptions about re-alized inflation, yet their expectations about future inflation deviate more strongly from professional …