Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266102 
Year of Publication: 
2022
Series/Report no.: 
Staff Report No. 1018
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
A growing literature uses now widely available data on beliefs and expectations in the estimation of structural models. In this chapter, we review this literature, with an emphasis on models of individual and household behavior. We first show how expectations data have been used to relax strong assumptions about beliefs and outline how they can be used in estimation to substitute for, or as a complement to, data on choices. Next, we discuss the literature that uses different types of expectations data in the estimation of structural models. We conclude by noting directions for future research.
Subjects: 
expectations data
beliefs
household surveys
structural models
hypotheticals
choice expectations
stated-preference data
JEL: 
D84
D15
C51
C13
D83
Document Type: 
Working Paper

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