This paper studies the formation of inflation expectations in the euro area. We first analyse the forecast accuracy of ECB inflation projections relative to private sector forecasts. Then, using the ECB Survey of Professional Forecasters (ECB SPF), we estimate a general model integrating two...

In this paper we present the NBP Survey of Professional Forecasters introduced in 2011 by the National Bank of Poland. It is a new survey that allows analysis of macroeconomic forecasts of professional economists, including their probabilistic forecasts of CPI inflation, GDP growth and the NBP...