Reis, Ricardo; Wolfers, Justin; Mankiw, N. Gregory - National Bureau of Economic Research (NBER) - 2003
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 …