and during a historic shock to inflation, we document three sets of results: First, at-tention to the macroeconomy is … likely to adjust inflation expectations during the shock, have higher confidence in their beliefs, and hold smaller … misperceptions about re-alized inflation, yet their expectations about future inflation deviate more strongly from professional …

We study how investors respond to inflation combining a customized survey experiment with trading data at a time of … historically high inflation. Investors’ beliefs about the stock return-inflation relation are very heterogeneous in the cross … section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being …

in tailored panel surveys of German firms and households, conducted before and during a large shock to inflation. Using … are more likely to adjust inflation expectations during the shock, have higher confidence in their beliefs, and hold … smaller misperceptions about realized inflation, yet their expectations about future inflation deviate more strongly from …