Survey data on inflation expectations show that: (i) private sector forecasts and central bank forecasts are not fully … aligned and (ii) private sector forecasters disagree about inflation expectations. To reconcile these two facts we introduce … dispersed information in a New Keynesian model, where as a result, inflation expectations differ between the private sector and …

characterize the expected path of nominal and real short-rates as well as inflation using the universe of U.S. surveys of … professional forecasters covering more than 500 survey-horizon pairs. We obtain term premiums as the simple difference between … observed government bond yields and survey-based expected average short rates. Our term premiums measured directly based on …

The study applies a BEKK GARCH-M model to examine the effect of uncertainty on the levels of inflation and output … growth in Nigeria. The results suggest a significant positive effect of inflation uncertainty on the level of inflation …, supporting the Cukierman and Meltzer (1986) hypothesis. In addition, uncertainty about inflation is found to be detrimental to …