set of professional forecasts of financial and macroeconomic variables. More communication even increases forecast errors …

% consistent with the Taylor rule and 34% are in line with the Phillips curve. However, only 6% of consumers form theory … higher than 2%. Moreover, consistency with respect to all three concepts is affected by changes in the communication policy … target. Finally, consumers with theory-consistent expectations have lower absolute ination forecast errors and are closer to …

% of consumers form theory-consistent expectations with respect to all three concepts. For the Taylor Rule and the Phillips …. Evaluating determinants of consistency, we provide evidence that the likelihood of having theory-consistent expectations with …, consistency with respect to all three concepts is affected by changes in the communication policy of the Fed, where the strongest …