The study looked at how well a certain economic model can predict US inflation when using official central bank forecasts as a measure of what people expect inflation to be. They compared this model to another one that includes past inflation in its predictions. Surprisingly, the model that looks forward and doesn't rely on past inflation did a better job when using official forecasts. This suggests that when people expect inflation to go up, it actually does. The study also confirmed that using real unit labor cost as a measure of production costs is a good way to predict inflation.