Survey data can help with modelling expectations – BoJ paper
Discussion paper outlines method of incorporating survey data as a proxy for expectations
Survey measures of inflation expectations can help improve the performance of inflation models, according to a discussion paper published by the Bank of Japan on June 27.
Author Jeff Fuhrer, of the Federal Reserve Bank of Boston, observes that while long-run inflation expectations “anchor” the process of inflation, short-run deviations can be “quite persistent”. As such, incorporating surveys of inflation expectations into a dynamic stochastic general equilibrium model seems a “promising” route
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