Inflation Levels and (In)Attention
构建了两个新颖的直接衡量消费者不关注程度的指标，发现通胀高时消费者更关注，这解释了菲利普斯曲线平坦化，并暗示可能存在关注-价格螺旋上升。
Abstract Inflation expectations are key determinants of economic activity and are central to the current policy debate about whether inflation expectations will remain anchored in the face of recent pandemic-related increases in inflation. This article explores evidence of inattention by constructing two novel and direct measures of consumers’ inattention, and documents greater attention when inflation is high. This relationship can explain a substantial portion of the flattening of the Phillips curve and also suggests the possibility of upward attention-price spirals.