We document novel survey-based facts about preferred long-run inflation rates among US consumers. Consumers on average prefer a 0.20% annual inflation rate, well below the Federal Reserve's 2% target. Inflation preferences not only correlate with demographic and socioeconomic characteristics,...

This paper discusses the recent wave of research that has emphasized the importance of measures of consumers' inflation expectations. In contrast to other measures of expected inflation, such as for experts or financial market participants, consumers' inflation expectations capture the broader...