NY Fed paper sheds light on causal determinants of inflation expectations
Inaccurate information about the measures of actual inflation could be forcing consumers to be revising their inflation expectations wrongly, according to a New York Federal Reserve paper published on January 30.
Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw and Basit Zafar, the paper's authors, investigate how consumers form and update their inflation expectations using a unique 'information' experiment embedded in a survey. They randomly provide a subset of respondents
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