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Experts' Versus Laymen's Expectations: Some Survey Evidence
Author(s) -
Liang MingYih
Publication year - 1992
Publication title -
asian economic journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.345
H-Index - 28
eISSN - 1467-8381
pISSN - 1351-3958
DOI - 10.1111/j.1467-8381.1992.tb00082.x
Subject(s) - economics , sample (material) , money supply , survey data collection , monetary economics , interest rate , chemistry , chromatography , statistics , mathematics
This paper reports the results of a questionnaire survey conducted recently in the city of Taipei on people's expectations regarding certain macroeconomic variables, such as consumer prices, the GNP growth rate, and the money supply growth rate. The survey sample is divided into two groups: “non‐economists” and “economists”. We find that there is a significant difference between economists' and non‐economists' expectation behavior. We also find that only a very small fraction of people (26.8% among economists and 6.5% of non‐economists) can say how many % they expect the money supply growth rate will be.