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Abstract:
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Response rates are routinely reported and used as a quality indicator; the credibility of survey statistics is often linked to response rates. However, response rates in Economic Surveys might not be an important concern for policy makers to maintain better quality. The belief is that as the economic experiences of the respondents increase, errors are lowered which means better estimates on inflation expectations. To investigate that, an experimental method based on treating respondents as non respondents is applied to the Survey of Expectations data of the Central Bank of Turkey and New Zealand to see how response rates at different levels affect the survey estimates. As a result, this study focuses on determining whether the data that comes from increased/high response rate of Economic Surveys is a better, worse or the same proxy of inflation expectations.
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