This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Survey Measures of Expected U.S. Inflation Author info | Abstract | Publisher info | Download info | Related research | Statistics Lloyd B. Thomas Jr.
The forecasting performance of widely accessible surveys of expected inflation are evaluated against naive and financial market benchmark forecasts. In the period of rising inflation (1960-80), the Michigan household consensus forecasts exhibited smaller errors than the Livingston Survey of economists and the benchmark forecasts. Unlike Livingston, the Michigan forecasts were unbiased. Since 1980, Livingston forecasts have been more accurate than Michigan, though unbiasedness is rejected in both cases. SPF forecasts, available since 1981, have been slightly superior to Livingston. In forecasting inflation, respondents generally failed to take account of cyclical conditions, and strong-form rationality is not supported.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by American Economic Association in its journal Journal of Economic Perspectives .
Volume (Year): 13 (1999)
Issue (Month): 4 (Fall)
Pages: 125-144
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:aea:jecper:v:13:y:1999:i:4:p:125-144Contact details of provider: Email: Web page: http://www.aeaweb.org/jep/ More information through EDIRC
Order Information: Web: http://www.aeaweb.org/subscribe.html
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Lovell, Michael C, 1986.
"Tests of the Rational Expectations Hypothesis ,"
American Economic Review ,
American Economic Association, vol. 76(1), pages 110-24, March.
[Downloadable!] (restricted)
Dean Croushore, 1996.
"Inflation forecasts: how good are they? ,"
Business Review ,
Federal Reserve Bank of Philadelphia, issue May, pages 15-25.
[Downloadable!]
David Laster & Paul Bennett & In Sun Geoum, 1999.
"Rational Bias In Macroeconomic Forecasts ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 114(1), pages 293-318, February.
[Downloadable!] (restricted)
Gramlich, Edward M, 1983.
"Models of Inflation Expectations Formation: A Comparison of Household and Economist Forecasts ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 15(2), pages 155-73, May.
[Downloadable!] (restricted)
Rich, Robert W, 1989.
"Testing the Rationality of Inflation Forecasts from Survey Data: Another Look at the SRC Expected Price Change Data ,"
The Review of Economics and Statistics ,
MIT Press, vol. 71(4), pages 682-86, November.
[Downloadable!] (restricted)
Herb Taylor, 1992.
"The Livingston Surveys: a history of hopes and fears ,"
Business Review ,
Federal Reserve Bank of Philadelphia, issue Jan, pages 15-27.
[Downloadable!]
Hafer, R W & Hein, Scott E, 1985.
"On the Accuracy of Time-Series, Interest Rate, and Survey Forecasts of Inflation ,"
Journal of Business ,
University of Chicago Press, vol. 58(4), pages 377-98, October.
[Downloadable!] (restricted)
Other versions: Dean Croushore, 1997.
"The Livingston Survey: still useful after all these years ,"
Business Review ,
Federal Reserve Bank of Philadelphia, issue Mar, pages 15-27.
[Downloadable!]
Fama, Eugene F. & Gibbons, Michael R., 1984.
"A comparison of inflation forecasts ,"
Journal of Monetary Economics ,
Elsevier, vol. 13(3), pages 327-348, May.
[Downloadable!] (restricted)
John A. Carlson, 1977.
"A Study of Price Forecasts ,"
NBER Chapters ,
in: Annals of Economic and Social Measurement, Volume 6, number 1, pages 33-63
National Bureau of Economic Research, Inc.
[Downloadable!]
Ehrbeck, Tilman & Waldmann, Robert, 1996.
"Why Are Professional Forecasters Biased? Agency versus Behavioral Explanations ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 111(1), pages 21-40, February.
[Downloadable!] (restricted)
Fama, Eugene F, 1975.
"Short-Term Interest Rates as Predictors of Inflation ,"
American Economic Review ,
American Economic Association, vol. 65(3), pages 269-82, June.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Andolfatto, David & Scott Hendry & Kevin Moran, 2002.
"Inflation Expectations and Learning about Monetary Policy ,"
Working Papers
02-30, Bank of Canada.
[Downloadable!]
Other versions: Robert Rich & Joseph Tracy, 2003.
"Modeling uncertainty: predictive accuracy as a proxy for predictive confidence ,"
Staff Reports
161, Federal Reserve Bank of New York.
[Downloadable!]
Michael T. Kiley, 2008.
"Monetary policy actions and long-run inflation expectations ,"
Finance and Economics Discussion Series
2008-03, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Gregor W. Smith & James Yetman, 2007.
"The Curse of Irving Fisher (Professional Forecasters' Version) ,"
Working Papers
1144, Queen's University, Department of Economics.
[Downloadable!]
Mankiw, N. Gregory & Reis, Ricardo & Wolfers, Justin, 2003.
"Disagreement about Inflation Expectations ,"
Research Papers
1807, Stanford University, Graduate School of Business.
[Downloadable!]
Other versions:
N. Gregory Mankiw & Ricardo Reis & Justin Wolfers, 2003.
"Disagreement about Inflation Expectations ,"
NBER Working Papers
9796, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) N. Gregory Mankiw & Ricardo Reis & Justin Wolfers, 2003.
"Disagreement about Inflation Expectations ,"
Harvard Institute of Economic Research Working Papers
2011, Harvard - Institute of Economic Research.
[Downloadable!] N. Gregory Mankiw & Ricardo Augusto Marc Rocha Reis & Justin Wolfers, 2004.
"Disagreement about Inflation Expectations ,"
Yale School of Management Working Papers
ysm391, Yale School of Management.
[Downloadable!] N. Gregory Mankiw & Ricardo Reis & Justin Wolfers, 2004.
"Disagreement about Inflation Expectations ,"
NBER Chapters ,
in: NBER Macroeconomics Annual 2003, Volume 18, pages 209-270
National Bureau of Economic Research, Inc.
[Downloadable!] Fabio Canova & Luca Gambetti, 2007.
"Do expectations matter? The Great Moderation revisited ,"
Economics Working Papers
1084, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2009.
[Downloadable!]
Duffy, David & Lunn, Peter D., 2009.
"The Misperception of Inflation by Irish Consumers ,"
The Economic and Social Review ,
Economic and Social Studies, vol. 40(2), pages 139â163.
[Downloadable!]
Other versions: Söderlind, Paul, 2000.
"Inflation Forecast Uncertainty ,"
CEPR Discussion Papers
2499, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Giordani, Paolo & Soderlind, Paul, 2000.
"Inflation Forecast Uncertainty ,"
Working Paper Series in Economics and Finance
384, Stockholm School of Economics, revised 09 Oct 2000.
[Downloadable!] Giordani, Paolo & Soderlind, Paul, 2003.
"Inflation forecast uncertainty ,"
European Economic Review ,
Elsevier, vol. 47(6), pages 1037-1059, December.
[Downloadable!] (restricted) Troy Matheson, 2007.
"An analysis of the informational content of New Zealand data releases: the importance of business opinion surveys ,"
Reserve Bank of New Zealand Discussion Paper Series
DP2007/13, Reserve Bank of New Zealand.
[Downloadable!]
Carl S Bonham & Richard H Cohen, 2000.
"Testing the Rational Expectations Hypothesis using Survey Data ,"
Working Papers
200007, University of Hawaii at Manoa, Department of Economics.
[Downloadable!]
Dean Croushore, 2006.
"An evaluation of inflation forecasts from surveys using real-time data ,"
Working Papers
06-19, Federal Reserve Bank of Philadelphia.
[Downloadable!]
Gregor W. Smith, 2007.
"Pooling Forecasts in Linear Rational Expectations Models ,"
Working Papers
1129, Queen's University, Department of Economics.
[Downloadable!]
Other versions: Andrew Ang & Geert Bekaert & Min Wei, 2006.
"Do macro variables, asset markets, or surveys forecast inflation better? ,"
Finance and Economics Discussion Series
2006-15, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions:
Andrew Ang & Geert Bekaert & Min Wei, 2005.
"Do Macro Variables, Asset Markets or Surveys Forecast Inflation Better? ,"
NBER Working Papers
11538, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Ang, Andrew & Bekaert, Geert & Wei, Min, 2007.
"Do macro variables, asset markets, or surveys forecast inflation better? ,"
Journal of Monetary Economics ,
Elsevier, vol. 54(4), pages 1163-1212, May.
[Downloadable!] (restricted) Dong Fu, 2007.
"Inflation expectations, real interest rate and risk premiums -- evidence from bond market and consumer survey data ,"
Working Papers
0705, Federal Reserve Bank of Dallas.
[Downloadable!]
Kozo Ueda, 2009.
"Determinants of Households' Inflation Expectations ,"
IMES Discussion Paper Series
09-E-08, Institute for Monetary and Economic Studies, Bank of Japan.
[Downloadable!]
David Andolfatto & Scott Hendry & Kevin Moran, 2005.
"Are Inflation Expectations Rational? ,"
Macroeconomics
0501002, EconWPA.
[Downloadable!]
Other versions: Wilbert van der Klaauw & Wändi Bruine de Bruin & Giorgio Topa & Simon Potter & Michael Bryan, 2008.
"Rethinking the measurement of household inflation expectations: preliminary findings ,"
Staff Reports
359, Federal Reserve Bank of New York.
[Downloadable!]
Access and
download statistics Did you know? RePEc stands for Research Papers in Economics.
This page was last updated on 2009-11-16.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .