Empirical inferences about particular forms of agents' inflation expectations are crucial for the conduct of monetary …' inflation expectations. The paper shows that survey respondents do not form expectations rationally, regardless of the reference … measures of inflation used. Further, results indicate that inflation expectations are formed purely in backward-looking manner …

The term structure of inflation forecasts disagreement in the US can be summarized by two components: disagreement … about the trend inflation, and disagreement about the cyclical inflation. While the former has identical impacts on … forecasting horizons. Only the cyclical inflation disagreement has a significant impact on monetary policy efficacy. High …

equilibrium exists. We study the response differences in the dynamics of the inflation rate to changes in the mean and variance of … the Great Recession, in which the effects of greater model uncertainty may have played a role in keeping inflation rates …