Survey data can help with modelling expectations – BoJ paper

The Bank of Japan
The paper finds the BoJ's quantitative easing helped boost inflation

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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