We propose a new approach to assessing the anchoring of inflation expectations using "strategic surveys". Namely, we … measure households' revisions in long-run inflation expectations after they are presented with different economic scenarios. A … key advantage of this approach is that it provides a causal interpretation in terms of how inflation events affect long …

. Disinflations are represented by changes in the target inflation rate of a interest-rate reaction function. Two kinds of rules are … the last 15 years. We assume agents are not fully cognizant of changes in the Fed’s inflation target and must instead …