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Abstract

This working paper's draft is substantially revised from the last draft. Nicholas Parker participated in past drafts, and the authors thank him for his contribution. A special thanks to Brian Prescott, Emil Mihaylov, and Antar Diallo for providing excellent research assistance. The authors thank the Federal Reserve Bank of Atlanta for its ongoing support of the Economic Survey Research Center (ESRC) and the Business Inflation Expectations (BIE) survey. They remain heavily indebted to Mike Bryan for founding the BIE. They also thank Jose Maria Barrero (discussant), Carola Binder (discussant), Oli Coibion (discussant), Chiara Osbat (discussant), Ewa Stanisawska (discussant),