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040 |aCaOODSP|beng|erda|cCaOODSP
0410 |aeng|beng|bfre
0861 |aFB3-5/2025-31E-PDF
1001 |aHou, Chenyu, |eauthor.
24510|aUncovering subjective models from survey expectations / |cChenyu Hou, Tao Wang.
264 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2025.
264 4|c©2025
300 |a1 online resource (ii, 73 pages) : |billustrations (chiefly colour).
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2025-31
500 |aISSN assigned to different series.
500 |a"Last updated: November 6, 2025."
504 |aIncludes bibliographical references (pages 38-43).
5203 |a"Households may perceive that macroeconomic variables move together in a different way from that implied by their actual realizations and sophisticated models. We use a structural test derived from a multivariate noisy-information framework and additional evidence from survey data and newspaper narratives to show that information friction alone cannot explain households' tendency to associate higher future inflation with a worse labor market outlook. We also show that the subjective model empirically uncovered from survey data implies amplified output responses to supply shocks, but dampened output and price responses to demand shocks"--Abstract, page ii.
546 |aIncludes abstracts in English and French.
650 0|aConsumers|xAttitudes|xEconometric models.
650 0|aInflation (Finance)|xEconometric models.
650 0|aLabor market|xEconometric models.
650 6|aConsommateurs|xAttitudes|xModèles économétriques.
650 6|aInflation|xModèles économétriques.
650 6|aMarché du travail|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|v2025-31.|w(CaOODSP)9.806221
85640|qPDF|s3.13 MB|uhttps://publications.gc.ca/collections/collection_2025/banque-bank-canada/FB3-5-2025-31-eng.pdf