The purpose of the present paper is to investigate the structure and dynamics of professionals' forecast of inflation … multi-period forecast and, thereby, the expected momentum of inflation. Using number survey-based data for the US and UK, we …

-term inflation, long-term inflation, unemployment, and short-term interest rates - improves performance along a variety of dimensions …

characterize the expected path of nominal and real short-rates as well as inflation using the universe of U.S. surveys of … by term premiums, not expected short rates or inflation; 2) term premiums co-move more strongly across maturities than … is primarily the result of a decline of expected inflation and term premiums while expected future real rates have …