Meyer, Brent H.; Prescott, Brian; Sheng, Xuguang - 2020
(like professional forecasters) have responded to the COVID-19 pandemic by lowering their one-year-ahead inflation … expectations. These responses stand in stark contrast to that of household inflation expectations (as measured by the University of … Michigan or the New York Fed). Indeed, firms' one-year-ahead inflation expectations fell precipitously (to a series low …