We propose a new approach to assessing the anchoring of inflation expectations using "strategic surveys". Namely, we … measure households' revisions in long-run inflation expectations after they are presented with different economic scenarios. A … key advantage of this approach is that it provides a causal interpretation in terms of how inflation events affect long …

that the dynamics of inflation are well explained by the evolution of real marginal costs. The objective of this paper is …-series model for inflation, unit labor costs, and other variables, and present evidence that their joint dynamics are well …

disagreement between actual and perceived feedback parameters. The central bank can achieve low average inflation, but its ability …

; and, when prices and wages are not reoptimized, they can be partially adjusted to previous-period aggregate inflation. The … joint dynamics of inflation and labor share. This function summarizes the cross-equation restrictions between the model and …

earlier work by Sbordone. The estimator is again applied to a version of the New Keynesian Phillips curve, in which inflation …. While confirming the importance of forward-looking terms in accounting for inflation dynamics, it suggests how the … methodology can be applied to extend the analysis of inflation to a multivariate setting …

implies that the dynamics of inflation are well explained by the evolution of real marginal costs. In this paper, we analyze … whether this is a structurally invariant relationship. We first estimate an unrestricted time-series model for inflation, unit …

The New Keynesian Phillips curve (NKPC) asserts that inflation depends on expectationsof real marginal costs, but … empirical research has shown that purely forward-looking versions of the model generate too little inflation persistence. In … this paper, we offer a resolution of the persistence problem. We hypothesize that inflation is highly persistent because of …

In this paper, I consider the policy implications of two alternative structural interpretations of observed inflation … specification allows for some degree of intrinsic persistence by way of a lagged inflation term in the NKPC. The second is a purely … specification, most of the observed inflation persistence is attributed to fluctuations in the underlying inflation trend, which are …

temporarily explosive paths depends more on uncertainty about policy-feedback parameters than about the long-run inflation target …. For that reason, the central bank can at least achieve low average inflation. Its ability to move feedback parameters away …