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|Title:||Rational Expectations and the Quantification of Survey Data: the Role of Measurement Error|
|Authors:||NARDO Michela; CABEZA 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|
|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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