Ormeño, Arturo - Banco Central de Reserva del Perú - 2012
Do survey data on inflation expectations contain useful information for estimating macroeconomic models? I address this … question by using survey data in the New Keynesian model by Smets and Wouters (2007) to estimate and compare its performance … predictive power of this model is improved when using both survey data and an admissible learning rule for the formation of …