macroeconomic model where long-run inflation expectations are heterogeneous and can lose their anchoring to the target. The … delays would have unanchored inflation expectations, aggravated the inflation scare and strengthened the inflation surge …

Professional forecasters' long-run inflation expectations overreact to news and exhibit persistent, predictable biases … in forecast errors. A model incorporating overconfidence in private information and a persistent expectations bias … tool for studying long-run inflation expectations. Our analysis highlights substantial, timevarying heterogeneity in …

We explore the implications of heterogeneous, history-dependent inflation expectations in a general equilibrium setting …. We propose an experience-based expectations-augmented Kalman filter to represent consumers' heterogeneous inflation … expectations, where heterogeneity arises from an anchoring-to-the-past mechanism. Using survey data, we show that the model …