I pose three questions to researchers, the answer to any of which would be quite useful for practical policymaking.
First, how should the central bank best monitor the public's inflation expectations? ... Do we need new measures of expectations or new surveys? Information on the price expectations of businesses--who are, after all, the price setters in the first instance--as well as information on nominal wage expectations is particularly scarce.
Second, how do changes in various measures of inflation expectations feed through to actual pricing behavior?...
Third, what factors affect the level of inflation expectations and the degree to which they are anchored?...