We investigate the role played by the media in the expectations formation process of households. Using a novel news … of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple …, robust and new evidence highlighting the role of the media for understanding inflation expectations and information …

minorities, are highly heterogeneous in their expectations of inflation. We estimate a model of inflation expectations based on … outperforms existing models of inflation expectations in explaining the heterogeneity in the data. We find that women, ethnic … update their expectations. In addition, we show that personal income forecasts are positively related to subjective inflation …

minorities, are highly heterogeneous in their expectations of inflation. We estimate a model of inflation expectations based on … outperforms existing models of inflation expectations in explaining the heterogeneity in the data. We find that women, ethnic … update their expectations. In addition, we show that personal income forecasts are positively related to subjective inflation …

expectations from the Michigan Survey of Consumers (MSC) and a rich set of signals available to U.S. households, I document three … novel findings: (1) agents' expectations about the future economic condition have asymmetric and non-linear responses to …

inferences under rational expectations, whereas the fraction of backward looking price setters increases. …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …

therefore paramount to a proper understanding of the role of expectations in the determination of macroeconomic outcomes. In …

Experience-Based Learning (EBL) that renders expectations heterogeneous across age groups. Under EBL, the age …-distribution directly affects the composition of aggregate expectations which gives rise to a novel channel by which the demographic …-independent expectations, we show that EBL weakens the pass-through of monetary policy on aggregate demand. This affects monetary policy …