Coibion, Olivier; Gorodnichenko, Yuriy; Kumar, Saten - National Bureau of Economic Research (NBER) - 2015
from this survey. Despite nearly twenty-five years under an inflation targeting regime, there is widespread dispersion in … firms’ beliefs about both past and future macroeconomic conditions, especially inflation, with average beliefs about recent … and past inflation being much higher than those of professional forecasters. Much of the dispersion in beliefs can be …