This paper considers the evidence of near-rationality, as described by Akerlof, Dickens, and Perry (2000). Using … unsupportive of the near-rationality hypothesis. However, we document that household inflation expectations tend to settle around …

In this paper, we use survey data to analyze the rationality of professional macroeconomic forecasts. We analyze both … used with caution, since even if all individual forecasts are rational the hypothesis of rationality is often rejected by … ; macroeconomic forecasting ; rationality ; survey data ; fixed-event forecasts …