According to some econometric evidence, individuals used information efficiently before the first oil shock of the 1970s and inefficiently thereafter, possibly as a consequence of the large shock that hit inflation and led to some confusion between permanent and transitory effects.14 Even more recent survey-based evidence appears increasingly at odds with the full-information rational expectation assumption.15 11 12 13 14 15  See, for example, Romanchuk (2018).
See Coibion et al. (2020), Rondinelli and Zizza (2020) and Fabiani et al. (2006). See, e.g., Weber et al. (2022). See Visco (1984) and Cukierman (1986). For a review of recent studies see Coibion et al. (2018).