	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)	(19)	(20)	(21)	(22)	(23)	(24)	(25)	(26)	(27)	(28)	(29)	(30)	(31)	(32)	(33)	(34)	(35)	(36)	(37)	(38)	(39)	(40)	(41)	(42)	(43)	(44)	(45)	(46)	(47)	(48)	(49)	(50)	(51)	(52)	(53)	(54)	(55)	(56)	(57)	(58)	(59)	(60)	(61)	(62)	(63)	(64)	(65)	(66)	(67)	(68)	(69)	(70)	(71)	(72)	(73)	(74)	(75)	(76)	(77)	(78)	(79)	(80)	(81)	(82)	(83)	(84)	(85)	(86)	(87)	(88)	(89)	(90)	(91)	(92)	(93)	(94)	(95)	(96)	(97)	(98)	(99)	(100)	(101)	(102)	(103)	(104)	(105)	(106)	(107)	(108)	(109)	(110)	(111)	(112)	(113)	(114)
VARIABLES	actualinfl	actualinfl	actualinfl	actualinfl	actualinfl	actualinfl	inflannual	inflannual	inflannual	actualinfl	actualinfl	actualinfl	actualinfl	infl1y	infl1y	infl1y	infl1y	infl1y_mich	infl1y_mich	infl1y_mich	infl1y_mich	profhous	profhous	profhous	profhous	actualinfl	actualinfl	actualinfl	actualinfl	infl1y	infl1y	infl1y	infl1y	infl1y_mich	infl1y_mich	infl1y_mich	infl1y_mich	profhous	profhous	profhous	profhous	actualinfl	actualinfl	actualinfl	actualinfl	infl1y	infl1y	infl1y	infl1y	infl1y_mich	infl1y_mich	infl1y_mich	infl1y_mich	profhous	profhous	profhous	profhous	actualinfl	actualinfl	actualinfl	actualinfl	actualinfl	actualinfl	inflannual	inflannual	inflannual	actualinfl	actualinfl	actualinfl	actualinfl	infl1y	infl1y	infl1y	infl1y	infl1y_mich	infl1y_mich	infl1y_mich	infl1y_mich	profhous	profhous	profhous	profhous	actualinfl	actualinfl	actualinfl	actualinfl	infl1y	infl1y	infl1y	infl1y	infl1y_mich	infl1y_mich	infl1y_mich	infl1y_mich	profhous	profhous	profhous	profhous	actualinfl	actualinfl	actualinfl	actualinfl	infl1y	infl1y	infl1y	infl1y	infl1y_mich	infl1y_mich	infl1y_mich	infl1y_mich	profhous	profhous	profhous	profhous
																																																																																																																		
infl1y	0.598***	0.441***	0.099																																																							0.598***	0.441***	0.099																																																						
	[0.076]	[0.103]	[0.321]																																																							[0.076]	[0.103]	[0.321]																																																						
infl1y_mich				0.317	0.450***	-0.695**																																																							0.317	0.450***	-0.695**																																																			
				[0.192]	[0.150]	[0.295]																																																							[0.192]	[0.150]	[0.295]																																																			
L4.inflannual							0.316***	0.180	0.013																																																							0.316***	0.180	0.013																																																
							[0.087]	[0.120]	[0.148]																																																							[0.087]	[0.120]	[0.148]																																																
ma1_core										0.310***				0.625***				0.307***				0.318***				0.130**				0.452***				0.397***				0.054				-0.128				0.375***				0.022				0.353***													0.310***				0.625***				0.307***				0.318***				0.130**				0.452***				0.397***				0.054				-0.128				0.375***				0.022				0.353***			
										[0.069]				[0.065]				[0.034]				[0.089]				[0.063]				[0.066]				[0.024]				[0.059]				[0.198]				[0.050]				[0.105]				[0.106]													[0.069]				[0.065]				[0.034]				[0.089]				[0.063]				[0.066]				[0.024]				[0.059]				[0.198]				[0.050]				[0.105]				[0.106]			
ma1_inflcore										-0.040				0.006				0.112***				-0.105***				0.083				0.051				0.084*				-0.033				-0.019				0.029**				0.123***				-0.095***													-0.040				0.006				0.112***				-0.105***				0.083				0.051				0.084*				-0.033				-0.019				0.029**				0.123***				-0.095***			
										[0.063]				[0.024]				[0.030]				[0.036]				[0.118]				[0.068]				[0.049]				[0.055]				[0.070]				[0.014]				[0.033]				[0.032]													[0.063]				[0.024]				[0.030]				[0.036]				[0.118]				[0.068]				[0.049]				[0.055]				[0.070]				[0.014]				[0.033]				[0.032]			
ma2_core											0.339***				0.664***				0.308***				0.356***				0.148**				0.501***				0.403***				0.098*				-0.155				0.495***				0.038				0.456***													0.339***				0.664***				0.308***				0.356***				0.148**				0.501***				0.403***				0.098*				-0.155				0.495***				0.038				0.456***		
											[0.065]				[0.046]				[0.043]				[0.071]				[0.061]				[0.055]				[0.055]				[0.058]				[0.236]				[0.051]				[0.122]				[0.129]													[0.065]				[0.046]				[0.043]				[0.071]				[0.061]				[0.055]				[0.055]				[0.058]				[0.236]				[0.051]				[0.122]				[0.129]		
ma2_inflcore											-0.011				0.016				0.143***				-0.127**				0.218				0.085				0.117**				-0.032				0.004				0.039**				0.142***				-0.103**													-0.011				0.016				0.143***				-0.127**				0.218				0.085				0.117**				-0.032				0.004				0.039**				0.142***				-0.103**		
											[0.083]				[0.027]				[0.048]				[0.052]				[0.190]				[0.088]				[0.056]				[0.066]				[0.085]				[0.018]				[0.051]				[0.046]													[0.083]				[0.027]				[0.048]				[0.052]				[0.190]				[0.088]				[0.056]				[0.066]				[0.085]				[0.018]				[0.051]				[0.046]		
ma4_core												0.334***				0.654***				0.300***				0.354***				0.125**				0.498***				0.375***				0.123**				-0.051				0.547***				-0.111				0.658***													0.334***				0.654***				0.300***				0.354***				0.125**				0.498***				0.375***				0.123**				-0.051				0.547***				-0.111				0.658***	
												[0.065]				[0.035]				[0.045]				[0.062]				[0.059]				[0.038]				[0.061]				[0.061]				[0.256]				[0.052]				[0.125]				[0.111]													[0.065]				[0.035]				[0.045]				[0.062]				[0.059]				[0.038]				[0.061]				[0.061]				[0.256]				[0.052]				[0.125]				[0.111]	
ma4_inflcore												-0.001				0.026				0.253***				-0.228***				0.357				0.125				0.288***				-0.163*				0.039				0.077**				0.231***				-0.155***													-0.001				0.026				0.253***				-0.228***				0.357				0.125				0.288***				-0.163*				0.039				0.077**				0.231***				-0.155***	
												[0.129]				[0.038]				[0.055]				[0.062]				[0.240]				[0.099]				[0.093]				[0.085]				[0.141]				[0.029]				[0.060]				[0.058]													[0.129]				[0.038]				[0.055]				[0.062]				[0.240]				[0.099]				[0.093]				[0.085]				[0.141]				[0.029]				[0.060]				[0.058]	
ma8_core													0.268***				0.566***				0.259***				0.307***				0.093				0.417***				0.267***				0.149***				-0.177				0.586***				-0.217				0.803***													0.268***				0.566***				0.259***				0.307***				0.093				0.417***				0.267***				0.149***				-0.177				0.586***				-0.217				0.803***
													[0.054]				[0.027]				[0.040]				[0.045]				[0.058]				[0.031]				[0.057]				[0.046]				[0.277]				[0.059]				[0.143]				[0.126]													[0.054]				[0.027]				[0.040]				[0.045]				[0.058]				[0.031]				[0.057]				[0.046]				[0.277]				[0.059]				[0.143]				[0.126]
ma8_inflcore													-0.244				-0.072				0.364***				-0.435***				0.174				0.109				0.478***				-0.369***				-0.014				0.113***				0.340***				-0.227***													-0.244				-0.072				0.364***				-0.435***				0.174				0.109				0.478***				-0.369***				-0.014				0.113***				0.340***				-0.227***
													[0.160]				[0.050]				[0.071]				[0.077]				[0.272]				[0.126]				[0.124]				[0.110]				[0.233]				[0.037]				[0.075]				[0.072]													[0.160]				[0.050]				[0.071]				[0.077]				[0.272]				[0.126]				[0.124]				[0.110]				[0.233]				[0.037]				[0.075]				[0.072]
Constant	0.906***	1.701***	1.939***	1.758***	2.028***	4.220***	1.825***	2.903***	2.168***	1.806***	1.711***	1.706***	1.860***	1.172***	1.037***	1.031***	1.217***	2.235***	2.227***	2.248***	2.343***	-1.063***	-1.191***	-1.218***	-1.127***	3.057***	3.037***	3.201***	3.216***	2.286***	2.056***	2.024***	2.261***	1.737***	1.705***	1.873***	2.382***	0.549**	0.350	0.150	-0.122	2.428***	2.479***	2.257***	2.538***	1.466***	1.217***	1.098***	0.995***	2.876***	2.841***	3.134***	3.332***	-1.410***	-1.624***	-2.036***	-2.338***	0.906***	1.701***	1.939***	1.758***	2.028***	4.220***	1.825***	2.903***	2.168***	1.806***	1.711***	1.706***	1.860***	1.172***	1.037***	1.031***	1.217***	2.235***	2.227***	2.248***	2.343***	-1.063***	-1.191***	-1.218***	-1.127***	3.057***	3.037***	3.201***	3.216***	2.286***	2.056***	2.024***	2.261***	1.737***	1.705***	1.873***	2.382***	0.549**	0.350	0.150	-0.122	2.428***	2.479***	2.257***	2.538***	1.466***	1.217***	1.098***	0.995***	2.876***	2.841***	3.134***	3.332***	-1.410***	-1.624***	-2.036***	-2.338***
	[0.261]	[0.425]	[0.718]	[0.567]	[0.521]	[0.852]	[0.229]	[0.450]	[0.316]	[0.235]	[0.222]	[0.216]	[0.199]	[0.188]	[0.132]	[0.096]	[0.079]	[0.108]	[0.129]	[0.133]	[0.121]	[0.257]	[0.204]	[0.181]	[0.138]	[0.304]	[0.304]	[0.312]	[0.375]	[0.292]	[0.244]	[0.174]	[0.184]	[0.113]	[0.240]	[0.267]	[0.273]	[0.257]	[0.249]	[0.264]	[0.210]	[0.431]	[0.485]	[0.536]	[0.623]	[0.099]	[0.105]	[0.103]	[0.118]	[0.197]	[0.233]	[0.244]	[0.273]	[0.202]	[0.249]	[0.216]	[0.243]	[0.261]	[0.425]	[0.718]	[0.567]	[0.521]	[0.852]	[0.229]	[0.450]	[0.316]	[0.235]	[0.222]	[0.216]	[0.199]	[0.188]	[0.132]	[0.096]	[0.079]	[0.108]	[0.129]	[0.133]	[0.121]	[0.257]	[0.204]	[0.181]	[0.138]	[0.304]	[0.304]	[0.312]	[0.375]	[0.292]	[0.244]	[0.174]	[0.184]	[0.113]	[0.240]	[0.267]	[0.273]	[0.257]	[0.249]	[0.264]	[0.210]	[0.431]	[0.485]	[0.536]	[0.623]	[0.099]	[0.105]	[0.103]	[0.118]	[0.197]	[0.233]	[0.244]	[0.273]	[0.202]	[0.249]	[0.216]	[0.243]
																																																																																																																		
Observations	137	58	79	137	58	79	134	51	83	137	137	137	137	141	141	141	141	141	141	141	141	141	141	141	141	58	58	58	58	58	58	58	58	58	58	58	58	58	58	58	58	79	79	79	79	83	83	83	83	83	83	83	83	83	83	83	83	137	58	79	137	58	79	134	51	83	137	137	137	137	141	141	141	141	141	141	141	141	141	141	141	141	58	58	58	58	58	58	58	58	58	58	58	58	58	58	58	58	79	79	79	79	83	83	83	83	83	83	83	83	83	83	83	83
R-squared	0.304	0.188	0.001	0.031	0.131	0.113	0.106	0.040	0.000	0.179	0.193	0.195	0.207	0.792	0.845	0.861	0.846	0.525	0.493	0.480	0.454	0.425	0.495	0.577	0.638	0.055	0.086	0.092	0.047	0.665	0.725	0.746	0.722	0.763	0.703	0.660	0.593	0.045	0.106	0.219	0.370	0.005	0.004	0.001	0.004	0.443	0.563	0.598	0.536	0.177	0.145	0.190	0.187	0.190	0.206	0.327	0.360	0.304	0.188	0.001	0.031	0.131	0.113	0.106	0.040	0.000	0.179	0.193	0.195	0.207	0.792	0.845	0.861	0.846	0.525	0.493	0.480	0.454	0.425	0.495	0.577	0.638	0.055	0.086	0.092	0.047	0.665	0.725	0.746	0.722	0.763	0.703	0.660	0.593	0.045	0.106	0.219	0.370	0.005	0.004	0.001	0.004	0.443	0.563	0.598	0.536	0.177	0.145	0.190	0.187	0.190	0.206	0.327	0.360
Robust standard errors in brackets																																																																																																																		
*** p<0.01, ** p<0.05, * p<0.1																																																																																																																		
