Title: Rational Expectations and the Quantification of Survey Data: the Role of Measurement Error
Authors: NARDO MichelaCABEZA GUTES Maite
Citation: International Journal of Applied Economics and Econometrics vol. 13 no. 3 p. 313-340
Publisher: P. Rajalakshmi, Bangalore 560040 ISSN: 0971-8281
Publication Year: 2005
JRC N°: JRC56160
ISSN: 0971-8281
URI: http://publications.jrc.ec.europa.eu/repository/handle/JRC56160
Type: Articles in periodicals and books
Abstract: Qualitative survey data are often quantified and used to test expectation formation schemes and to approximate actual economic variables. However, these figures are proxies of agents¿ true expectations, so their use implies a measurement error. We construct a simulation experiment to test the performance of different quantification methods. We study the nature and the size of the error and try to derive some conclusions on which of the quantification methods is more suitable for testing the rational expectations hypothesis and for approximating actual series.
JRC Directorate:Space, Security and Migration

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