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Working Paper
Heterogeneity in Household Inflation Expectations: Policy Implications
We empirically characterize the heterogeneity in the conditional distribution of household inflation expectations across demographic groups using the Survey of Consumer Expectations and investigate how monetary policy shocks affect the conditional distribution. We find that across all demographic groups, the peak of the group-specific distribution of household inflation expectations aligns closely with the Federal Reserve’s 2 percent target. However, we also find substantial heterogeneity both within and across groups, primarily on the right end of the distribution. Nevertheless, we show ...