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Abstract

The authors thank Longji Li, Dingqian Liu, and Brian Prescott for excellent research assistance and the Federal Reserve Bank of Atlanta for its ongoing support of the Economic Survey Research Center and the Business Inflation Expectations survey. They also thank Jose Maria Barrero (discussant), Carola Binder (discussant), Wojtek Charemza, and participants at the Philadelphia Fed Conference on "Real-Time Data Analysis, Methods and Applications" and the 21st IWH-CIREQ-GW Macroeconometric Workshop for helpful comments. Bernie Andrade kindly provided us the R code to fit the bimodal distribution. The views expressed here are those of the authors and not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System. Any remaining errors are the authors' responsibility. All results have been reviewed to ensure that no confidential information was disclosed.