inflation-biased CB's private information on both these dimensions. We find that greater CB competence—more private information …. Inflation expectations become more responsive to monetary policy, which mitigates the CB's temptation to produce surprise … inflation. …

, we show that an inflation bias as well as a deflationary bias exist as a steady-state outcome. We assess the predictions … inflation and deflationary biases in inflation expectations. In a model with an occasionally binding zero-lower-bound constraint … of this model using unique individual-level inflation expectations data across nine countries that allow for a direct …

of forecasts other than the inflation forecast, and the degree of robustness of a desirable target criterion for monetary …