Do Low Survey Response Rates Threaten Data Dependence?

Sylvain Leduc, Luiz E. Oliveira and Caroline M. Paulson
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Luiz E. Oliveira: https://www.frbsf.org/economic-research/economists/luiz-oliveira/

FRBSF Economic Letter, 2025, vol. 2025, issue 07, 5

Abstract: Monetary policy is forward-looking and dependent on policymakers’ economic outlook. When the outlook is deemed highly uncertain, policymakers may put more weight on incoming data when making monetary policy considerations. However, falling survey response rates suggest employment and inflation data may have become less reliable. Analysis of payroll employment and consumer price inflation data shows that data revisions over the past few years have been in line with their pre-pandemic averages. This suggests that these data have not been an outsized source of uncertainty in recent years.

Keywords: monetary policy; data dependence; survey responses; forecasting (search for similar items in EconPapers)
Date: 2025
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