This paper investigates the heterogeneity of inflation expectations among households, firms, and professionals across … expectations, assess their stability over time, and evaluate their persistence. Our findings reveal that households and firms rely … heavily on past expectations and year-on-year changes in economic variables, whereas professionals are more responsive to …

private sector expectations. Speeches that signal rising inflationary pressures prompt both households and professional … forecasters to raise their inflation expectations, consistent with Delphic effects. Only professional forecasters respond to …