A Method of Exploring the Mechanism of Inflationary Expectations Based on Qualitative Survey Data
利用定性调查数据探索通胀预期形成机制
The objective of this article is to propose a method of exploring the mechanism of expectation formation based on qualitative survey data. The survey data are regarded as a sample from a multinomial distribution whose parameters are time-variant functions of inflation expectations. The parameters are estimated using a Bayesian recursive approach, which is a generalization of the Kalman filtering technique. For illustrative purposes, the method is applied to Japanese data.…