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• W2322382232 abstract "ABSTRACTThis paper estimates different versions of the stylized New Keynesian model of the Polish economy, in which alternative measures of inflation expectations are used, that is, model-consistent (rational) expectations and survey-based expectations of consumers, enterprises and financial sector analysts. To compare dynamic properties of the models, we analyse propagation of the interest rate impulse, exchange rate impulse and a permanent change of inflation target. Differences in impulse responses pose the question which model should be treated as the most adequate. Analysis of in-sample inflation forecasting errors suggests that the model with rational expectations displays the lowest forecasting accuracy, while the model using expectations of enterprises is the best-performing model. In more general terms, our analysis suggests the best way of exploiting survey data on inflation expectations is not by using them as separate forward-looking information, alternative to macroeconomic models, but by com..." @default.
• W2322382232 created "2016-06-24" @default.
• W2322382232 creator A5051810756 @default.
• W2322382232 date "2016-01-02" @default.
• W2322382232 modified "2023-09-28" @default.
• W2322382232 title "Survey measures of inflation expectations in Poland: are they relevant from the macroeconomic perspective?" @default.
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• W2322382232 doi "https://doi.org/10.1080/1406099x.2016.1165402" @default.
• W2322382232 hasPublicationYear "2016" @default.
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