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Inflation Expectations and Their Formation: Working Paper 2022-03

Jeffrey Schafer

No 57398, Working Papers from Congressional Budget Office

Abstract: This paper reviews theory and evidence on how consumers and firms form their expectations about inflation and how monetary policymakers might influence that process; both of those factors have implications for the Congressional Budget Office's baseline projections and policy analyses. Inflation expectations are important because they affect decisions that determine actual inflation. Surveys of consumers and business managers provide especially useful data for studying the process of forming expectations. Empirical evidence suggests that

JEL-codes: D83 D84 E17 E31 E37 (search for similar items in EconPapers)
Date: 2022-03-15
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac and nep-mon
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