RDP 2001-09: What do Sentiment Surveys Measure?
Equation
Δ
E
t
=
α
0
+
α
1
E
t
−
1
+
α
2
C
t
−
1
+
α
3
Y
t
−
1
+
∑
i
=
1
4
β
i
Δ
E
t
−
i
+
∑
i
=
1
5
γ
i
−
1
Δ
C
t
−
i
+
1
+
∑
i
=
1
5
δ
i
−
1
Δ
Y
t
−
i
+
1
+
ε
t
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