contracts, and inflation policy targets. The last section addresses current developments. These include the proper choice of … efficient rules for monetary policy that has been triggered by the proposal and widespread polularity of the Taylor rule. …

We propose a new approach to assessing the anchoring of inflation expectations using "strategic surveys". Namely, we … measure households' revisions in long-run inflation expectations after they are presented with different economic scenarios. A …-run inflation expectations. We implement the method in the summer of 2019 and the spring-summer of 2021 when the anchoring of long …

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 … identification of these biases. Both inflation and deflationary biases are present (and sizable) in inflation expectations of these …

We study the behavior of U.S. consumers' inflation expectations during the high inflation period of 2021-22 using data … from the Survey of Consumer Expectations. Short- and, to a lesser extent, mediumterm inflation expectations rose as … inflation continued to climb, medium- and longerterm inflation expectations unexpectedly fell and medium- and longer …

, 𝑢𝑡 ∗ , in the aftermath of the pandemic and characterize its implications for inflation dynamics. While the bulk of the … inflation surge is attributed to temporary supply factors, we also find an important role for current and expected negative … long-run price stability depends critically on expectations about labor market tightness. Using a variety of cross …

-looking expectations there is typically a second inefficiency from discretionary policymaking, besides the inflationary bias. The Paper …; it examines the distinction between instrument rules and targeting rules; and briefly investigates operationality issues …

information about inflation expectations – that survey measures of expectations are inconsistent with rational expectations, but … the public believes the bank will adhere to. When inflation expectations differ between groups, the <em>ex ante</em> real … fully compensate for the greater variability in inflation and output associated with extrapolative expectations. …

Economists have long emphasized the importance of expectations in determining macroeconomic outcomes Yet there has been … almost no recent effort to model actual empirical expectations data; instead macroeconomists usually simply assume … expectations are rational This paper shows that while empirical household expectations are not rational in the usual sense …

, under an event-study framework the respond of upside risks of inflation expectations to the approval of the Income Law is …This paper presents an analysis of the expected inflation distribution based on the surveys made to economic analysts …, dispersion, and skewness, of expected inflation. It is anticipated that the behavior of these aspects will be consistent with the …

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 … identification of these biases. Both inflation and deflationary biases are present (and sizable) in inflation expectations of these …