This paper studies how inflation beliefs reported in the New York Fed's Survey of Consumer Expectations have evolved since the start of the COVID-19 pandemic. We find that household inflation expectations responded slowly and mostly at the short-term horizon. In contrast, the data reveal immediate and unprecedented increases in individual inflation uncertainty and in inflation disagreement across respondents. We find evidence of a strong polarization in inflation beliefs and we show differences across demographic groups. Finally, we document a strong link, consistent with precautionary saving, between inflation uncertainty and how respondents used the stimulus checks they received as part of the 2020 CARES Act.

This paper studies how inflation beliefs reported in the New York Fed's Survey of Consumer Expectations have evolved since the start of the COVID-19 pandemic. We find that household inflation expectations responded slowly and mostly at the short-term horizon. In contrast, the data reveal immediate and unprecedented increases in individual inflation uncertainty and in inflation disagreement across respondents. We find evidence of a strong polarization in inflation beliefs and we show differences across demographic groups. Finally, we document a strong link, consistent with precautionary saving, between inflation uncertainty and how respondents used the stimulus checks they received as part of the 2020 CARES Act.

Yoga is an ancient discipline focusing on the union of the mind and body. In recent years, Yoga has generated much interest within the scientific community regarding its physiological and psychological benefits,including its power as a healing modality. To date, studies of variable quality have been conducted examining Yoga as a treatment for mental disorders, including mood disorders, anxiety disorders, drug addiction, mental retardation, pain management, and body image. While these studies as a whole suggest that Yoga may be a promising treatment, much work remains to be done before drawing any valid, scientific conclusions. Specifically,more and better-designed studies need to be conducted in order to conclusively demonstrate Yoga's usefulness as a treatment for certain mental disorders. In order to add to the existing knowledge base, future studies will need to more clearly define Yoga and develop better controls for variables such as cultural expectations and personal motivation. Ultimately, a second generation of studies might point to the different types of populations who would most benefit from Yoga versus more conventional treatments. It is hoped that this review will point the way for future studies and encourage researchers to continue exploring the possibilities of this promising treatment for psychological disorders.