Most firms have little knowledge of Fed policy, the authors say
US firms have little understanding of monetary policy and their inflation expectations deviate “dramatically” from those of professional forecasters, new research finds.
The working paper, published by the National Bureau of Economic Research, reports the results of a new survey of US firms’ inflation expectations.
Authors Bernardo Candia, Olivier Coibion and Yuriy Gorodnichenko find firms disagree on inflation, revise their expectations frequently and tend to predict inflation significantly
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