More Flexible Use of Survey Data on Expectations in Macroeconomic Models
Bibliographic Data
| ID | 19418046 |
|---|---|
| Authors | Kajal Lahiri (0000-0003-4767-8591, Albany State University), Mark Zaporowski (Canisius College) |
| Year | 1987 |
| Volume | 5 |
| Issue | 1 |
| Pages | 69-76 |
| Publication date | 1987-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Business and Economic Statistics (JOURNAL) |
| Journal identifiers | ISSN: 0735-0015 • E-ISSN: 1537-2707 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/07350015.1987.10509561 |
| OpenAlex | W2047977559 |
| Language | EN |
| Citations received | 1 |
| References cited | 16 |
A flexible procedure is proposed whereby both the random and systematic errors in measurement of survey data on inflation expectations can be appropriately handled when these surveys are used in the estimation of macroeconomic models. During the period 1952–1980, Livingston's two expectations series and the SRC series systematically underestimated inflation expectations by nearly 25%. The ASA–NBER survey, however, does not exhibit such underestimation. Thus, the use of the Livingston or SRC data as an unbiased measure of the true expectations of inflation would result in overestimation of the Fisher effect and the ex ante real interest rate
Econometrics · Economics · Ex-ante · Interest rate · Macroeconomics · Real interest rate · Statistics · Survey data collection · Computer Science · Economic Policies and Impacts · Economic theories and models · Mathematics · Monetary Policy and Economic Impact
| Citations per year | 0.03 |
|---|---|
| Citation span | 1991 - 1991 (1) |
| Highly cited | No |