, we follow Roberts (1997) and Adam and Padula (2003) and use direct measures of inflation expectations. The data source is … the Ifo World Economic Survey, which quarterly polls economic experts about their expected future development of inflation … turns out to more relevant for most countries in our sample. (ii) The use of survey data for inflation expectations yields a …

Survey of Professional Forecasts for the US are also investigated. We examine internal consistency of individual inflation … respondents. Our analysis indicates that individual forecasters deviate systematically from each other. Moreover, inflation … according to the hybrid specification of the New Keynesian Phillips curve. The results also indicate that inflation uncertainty …