Greater Than the Sum of Its Parts: Aggregate vs. Aggregated Inflation Expectations

Dietrich gratefully acknowledges support from the Deutscher Akademischer Austauschdienst (DAAD, German Academic Exchange Service). We thank Hassan Afrouzi, Philippe Andrade, Nicola Gennaioli, Mark Freeman, Charles Manski, Andrei Shleifer, Wilbert van der Klaauw, Gabriel Zuellig, as well as seminar and conference participants at the BAFA FMI NAG, Bundesbank, Bank of England, Bank of Finland, Bank of Japan 2023 IMES, Beijing University, Bocconi University, CEBRA Annual Meeting, EEA-ESEM Annual Congress, ICEA, NBER Summer Institute, SBS Summer Conference, SEA, Swiss National Bank, Tokyo University, UCLA Anderson and Verein für Socialpolitik for useful comments and discussions. Dietrich gratefully acknowledges support from the Deutscher Akademischer Austauschdienst (DAAD, German Academic Exchange Service). The views stated in this paper are those of the authors and are not necessarily those of the Federal Reserve Bank of Cleveland, the Board of Governors of the Federal Reserve System, Danmarks Nationalbank, the European System of Central Banks, or the National Bureau of Economic Research.