Yummmmmy macro!

So, is the garbage in our textbooks just 'pie-in-the-sky' or are the theories and models close to reality in the economy?  This puppy from 'Da Fed' (Boston, yeah, I know, but they make a great lager, even though it is actually brewed in Ohio and Pennsylvania) discusses the accuracy of expectations impacting inflation, or to give us the 'expected rate of inflation' (from which any deviation is seen in a very negative light, especially unanticipated increases in the rate).  This article explains that it may not be so, that the two models basically may be begging the question, working in such parallel tracks as to have inefficacious explanatory power.   You let me know what you think.  Click on the title above, or go here... http://www.bos.frb.org/economic/ppb/2010/ppb102.pdf