Artikel

Survey measures of inflation expectations in Poland: are they relevant from the macroeconomic perspective?

This paper estimates different versions of the stylized New Keynesian model of the Polish economy, in which alternative measures of inflation expectations are used, that is, model-consistent (rational) expectations and survey-based expectations of consumers, enterprises and financial sector analysts. To compare dynamic properties of the models, we analyse propagation of the interest rate impulse, exchange rate impulse and a permanent change of inflation target. Differences in impulse responses pose the question which model should be treated as the most adequate. Analysis of in-sample inflation forecasting errors suggests that the model with rational expectations displays the lowest forecasting accuracy, while the model using expectations of enterprises is the best-performing model. In more general terms, our analysis suggests the best way of exploiting survey data on inflation expectations is not by using them as separate forward-looking information, alternative to macroeconomic models, but by combining both types of information.

Sprache
Englisch

Erschienen in
Journal: Baltic Journal of Economics ; ISSN: 2334-4385 ; Volume: 16 ; Year: 2016 ; Issue: 1 ; Pages: 33-52 ; London: Taylor & Francis

Klassifikation
Wirtschaft
Quantitative Policy Modeling
Expectations; Speculations
General Aggregative Models: Forecasting and Simulation: Models and Applications
Interest Rates: Determination, Term Structure, and Effects
Thema
Inflation expectations
survey
New Keynesian model
monetary transmission mechanism
Poland

Ereignis
Geistige Schöpfung
(wer)
Lyziak, Tomasz
Ereignis
Veröffentlichung
(wer)
Taylor & Francis
(wo)
London
(wann)
2016

DOI
doi:10.1080/1406099X.2016.1165402
Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Lyziak, Tomasz
  • Taylor & Francis

Entstanden

  • 2016

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