Disagreement about Inflation Expectations

  title={Disagreement about Inflation Expectations},
  author={N. Gregory Mankiw and Ricardo Reis and Justin Wolfers},
Analyzing 50 years of inflation expectations data from several sources, we document substantial disagreement among both consumers and professional economists about expected future inflation. Moreover, this disagreement shows substantial variation through time, moving with inflation, the absolute value of the change in inflation, and relative price variability. We argue that a satisfactory model of economic dynamics must speak to these important business cycle moments. Noting that most… CONTINUE READING
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