Dear Sir or Madam, We have the pleasure of inviting you to the OeNB-Freitagsseminar with Raphael Schoenle, Brandeis University, which the Oesterreichische Nationalbank (OeNB) will host on 3 June 2022. Title Greater Than the Sum of the Parts: Aggregate vs. Aggregated Inflation Expectations Abstract Using novel survey evidence on consumer inflation expectations disaggregated by personal consumption expenditure (PCE) categories, we document the paradox that consumers' aggregate inflation expectations usually exceed and are more volatile than any category expectation. We explore procedures for aggregating category inflation expectations, and find that the inconsistency between aggregate and aggregated inflation expectations rises with subjective uncertainty and systematically relates to socio-economic characteristics. Overall, our results are inconsistent with the notion that consumers' aggregate inflation expectations comprise an expenditure-weighted sum of category beliefs. Moreover, aggregated inflation expectations explain a greater share of planned consumer spending than aggregate inflation expectations. Date Friday, 3 June 2022 | Start: 04:00 PM | End: 05:30 PM Venue The event is planned online via Webex Seminar language English Join us by registering by 1 June 2022, at the latest by using the following link: https://www.oenb-events.at/en/oenb-freitagsseminar-with-raphael-schoenle/reg... Kind regards, Oesterreichische Nationalbank Event Management Event Management Press Office Oesterreichische Nationalbank Otto-Wagner-Platz 3, 1090 Vienna, Austria T +43(0)1 404 20 6920 event-management@oenb.at<mailto:event-management@oenb.at> www.oenb.at<http://www.oenb.at/> Der Euro hat f?r uns alle viele Vorteile. Alle Infos zu 20 Jahre Euro-Bargeld unter: http://www.euroat20.at Diese E-Mail kann vertrauliche Informationen enthalten und irrt?mlich an Sie gelangt sein. In diesem Fall informieren Sie bitte sofort die Absenderin bzw. den Absender und vernichten Sie diese E-Mail. Das unerlaubte Kopieren sowie die unbefugte Weitergabe dieser Mail oder von Teilen dieser Mail sind nicht gestattet. Informationen gem?? DSGVO zur Verarbeitung personenbezogener Daten durch die OeNB finden Sie unter www.oenb.at/datenschutz<https://www.oenb.at/datenschutz>.