The forecasting properties of survey-based wage-growth expectations
AbstractWe evaluate survey-based wage-growth expectations and find that they are neither unbiased nor efficient forecasts. Concerning out-of-sample forecast precision, survey participants generally perform worse than a constant forecast. Caution should accordingly be exercised when relying on these data for policymaking.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 113 (2011)
Issue (Month): 3 ()
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Web page: http://www.elsevier.com/locate/ecolet
Survey data; Forecasts; Sweden; Monetary policy;
Other versions of this item:
- Jonsson, Thomas & Österholm, Pär, 2010. "The Forecasting Properties of Survey-Based Wage-Growth Expectations," Working Paper 121, National Institute of Economic Research.
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
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- Beechey, Meredith & Österholm, Pär, 2012. "Policy Interest-Rate Expectations in Sweden: A Forecast Evaluation," Working Paper 127, National Institute of Economic Research.
- Vithessonthi, Chaiporn & Techarongrojwong, Yaowaluk, 2012. "The impact of monetary policy decisions on stock returns: Evidence from Thailand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(3), pages 487-507.
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