Authors: Gizem Kosar and Cormac O'Dea
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Staff Reports
Expectations Data in Structural Microeconomic Models
Number 1018
May 2022
May 2022
JEL classification: D84, C51, C13, D83
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.
Author Disclosure Statement(s)
Gizem Kosar
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “Expectations Data in Structural Microeconomic Models”, joint with Cormac O’Dea. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Cormac O’Dea
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “Expectations Data in Structural Microeconomic Models”, joint with Gizem Kosar. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “Expectations Data in Structural Microeconomic Models”, joint with Cormac O’Dea. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Cormac O’Dea
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “Expectations Data in Structural Microeconomic Models”, joint with Gizem Kosar. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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