-in the context of a historic surge in inflation. In surveys with more than 10,000 US households and 100 academic experts, we …, and often feature politically loaded explanations. Households' narratives matter for their inflation expectation formation …

We implement a survey-based randomized information treatment that generates independent variation in the inflation … expectations and the uncertainty about future inflation of European households. This variation allows us to assess how both first … and second moments of inflation expectations separately affect subsequent household decisions. We document several key …