CLEVELAND, Ohio, Oct. 16 (TNSLrpt) -- The Federal Reserve Bank of Cleveland issued the following white paper (No. 25-23) on October 14, 2025, by Kenneth Eva, Michael Lamla, Damjan Pfajfar entitled "State-Dependent Sticky Expectations: Evidence and Theory."

Here are excerpts:

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We document novel stylized facts regarding updating of households' inflation expectations. Using two randomized controlled trials fielded in the US and Germany wher . . .

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