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- The anchoring measure constructed by Lansing and Nucera (2023) gauges how much professional economists adjust their one-year ahead in‡ ation forecast in response to recent movements in actual in‡ ation. Using a 20-year rolling window of data, they regress the median in‡ ation forecast from surveys on a constant and 4-quarter Consumer Price Index (CPI) in‡ ation. 8 The resulting anchoring measure is given by 1 Cov20(Ft 4;t+4; 4;t)=V ar20( 4;t); where Cov20(Ft 4;t+4; 4;t)=V ar20( 4;t) is the estimated slope coe cient from the rolling regression.
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