In the Barro–Gordon model, policy re-optimization relative to this variable each period means that precommitment can avoid “excessive” outcomes. Greg Mankiw documented disagreement about this variable over 50 years, arguing that sticky information can explain departures from rationality. All else equal, a higher TIPS spread is correlated with a higher value of this variable. When this variable is formed adaptively, (-5[1])it will persistently cause the “built-in” type of a related quantity according to the (*) triangle model. During the Great Recession, (-5[1])Ben Bernanke emphasized the importance of “anchoring” (10[1])this variable to ensure (-5[1])it remained consistent with a target usually set to two percent. (-5[7])For 10 points, consumer surveys often measure what variable, which captures predictions about how prices will change in the future? ■END■ (10[6]0[3])