Evolution of expectations models in economic thought

Inflation expectations have been of prime interest for policymakers and researchers decades. In 2023, when high inflation is one the biggest challenges facing world, economists must give them due weight. This article provides a systematic chronological treatment main approaches to formation modelling in macroeconomics. While number surveys with focus on separate models are available, full treatise (as per author’s research) has missing. paper aims fill gaps. However, despite being exhaustive, it does not pretend be coping all contributions ever developed. The author tried present topic way that accessible useful both graduate students who encounter subject first time practitioners previous knowledge need subject. starts general overview what and, particular, expectations, why do they matter. followed by presentation discussion prerequisites appear, their implications significance economic thought, as well as, criticism. Finally, offers some perspectives conclusions