Ormeno, Arturo; Molnar, Krisztina - Institutt for samfunnsøkonomi, Norges Handelshøyskole … - 2014
Does survey data contain useful information for estimating macroeconomic models? We address this question by using survey data of inflation expectations to estimate the New Keynesian model by Smets and Wouters (2007) and compare its performance under rational expectations and adaptive learning....