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Measurement and characteristics of enterprise inflation expectations in Slovakia

Author

Listed:
  • ?aneta Lacová

    (Faculty of Economics, Matej Bel University)

  • Pavol Krá?

    (Faculty of Economics, Matej Bel University)

Abstract

This article focuses on enterprise inflation expectations in Slovakia. Firstly, we propose a quantitative measure for enterprise inflation expectations based on results derived from the business tendency survey. The probability method (Carlson and Parkin method) is used for this purpose. Secondly, we proceed to test two specific models of enterprise inflation expectations formation in Slovakia ? the rationality assumption model and the hybrid model assuming that inflation expectations can be partially forward-looking and partially backward-looking. Finally, we assess if the transmission of inflation expectations from one sector to another one can exist. Our analysis is conducted for companies operating in industry, construction, retail trade and services. Seasonally adjusted data from January 2002 (beginning of the business tendency surveys in Slovakia) to May 2015 are used, although some tests are done specifically for the post-euro introduction period (from January 2009).

Suggested Citation

  • ?aneta Lacová & Pavol Krá?, 2015. "Measurement and characteristics of enterprise inflation expectations in Slovakia," Proceedings of Economics and Finance Conferences 2205102, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iefpro:2205102
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    File URL: https://iises.net/proceedings/4th-economics-finance-conference-london/table-of-content/detail?cid=22&iid=031&rid=5102
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    More about this item

    Keywords

    inflation expectations; business tendency survey; probability method; rationality tests; inflation expectations transmission;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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