Orphanides, Athanasios; Williams, John C - C.E.P.R. Discussion Papers - 2005
Central bankers frequently emphasize the critical importance of anchoring private inflation expectations for successful … inflation expectations by positing, instead, that agents have imperfect knowledge of the precise structure of the economy and …, disturbances can give rise to endogenous inflation scares, that is, significant and persistent deviations of inflation expectations …