We study the (lack of) anchoring of inflation expectations in New Zealand using a new survey of firms. Managers of … these firms display little anchoring of inflation expectations, despite twenty-five years of inflation targeting by the … central bankers as well as central banks' objectives, and are generally poorly informed about recent inflation dynamics. Their …

We study the (lack of) anchoring of inflation expectations in New Zealand using a new survey of firms. Managers of … these firms display little anchoring of inflation expectations, despite twenty-five years of inflation targeting by the … central bankers as well as central banks' objectives, and are generally poorly informed about recent inflation dynamics. Their …

"We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest … rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation … and show that steady-state inflation affects welfare through three distinct channels: steady-state effects, the magnitude …