AbstractWe combine questions from the Michigan Survey about the future path of prices, interest rates, and unemployment to investigate whether U.S. households are aware of the so-called Taylor (1993) rule. For comparison, we perform the same analysis using questions from the Survey of Professional Forecasters. Our …ndings support the view that some households form their expectations about the future path of interest rates, in ‡ation, and unemployment in a way that is consistent with Taylor-type rules. The ext…
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