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Most studies have been eliciting cdfs although lately an increasing number of questions are being framed as pdfs (for examples of pdf questioning see Arrondel et al. 2011, the New York Federal Reserve inflation question in Bruine de Bruin et al. 2011b; Delavande et al. 2011).

"If you can't get more money to offset that, it's a growth question, not an inflation question.

First of all, the inflation question is to some extent separate from the liquidity trap issue: you can be in a liquidity trap, with conventional monetary policy ineffective, while still having some inflation due to cost pressures.

But Mr Hall also reckons central banks should do what they can to try and commit to higher future inflation and certainly shouldn't withdraw support for the economy too soon.It seems to me that the inflation question is the really critical issue.

The price dynamics of precious metals and the hard commodities will answer the inflation question in due course.

If investors are waiting for more economic news to settle the inflation question, they could be in for a long wait.

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With much of the world increasingly worried about inflation, questions arise about what an overheating Chinese economy could do to global prices.

Compared to questions about "inflation", questions about "prices in general" and "prices you pay" elicited expectations that were more strongly correlated to expected increases in gas prices, which were relatively large and likely salient at that time.

In these models, Fed actions that call its commitment to low inflation into question can cause inflation expectations to spike, leading to actual increases in prices and wages.

Studies find that a sizable percentage of consumers can't answer simple questions about compound interest and inflation, let alone questions dealing with mutual funds and bonds.

Set lambda equal to infinity, and inflation becomes irrelevant.The question is, how explicit can central banks be?

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