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Lagrange multiplier on next
Heterogeneous Inflation Expectations Across Economic Agents July 2025 18
period’s budget constraint. , affects the time preference (the household’s
discount
activity contrac-
tion and the shift of expectations towards personnel cuts (Figure 18) suggest a gradual
stabilisation of the situation. The tight monetary stance should
0,26 0,18 0,33 0,18 0,24 0,27 -0,04 0,28 0,18 0,06 0,18 0,24
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