The Bureau for Economic Research (BER) has been collecting inflation expectations survey data in South Africa since 2000, following the adoption of inflation targeting by the South African Reserve Bank. This survey has provided significant insights for policy-making, academic research, and private sector analysis. However, recent international trends emphasizing microdata in macroeconomics have prompted a reevaluation of the survey's demands and opportunities.
In a new pilot study, BER researchers have linked firm-level inflation expectations data to a spatial tax panel dataset. The aim was to assess whether the survey sample accurately reflects the structure of South Africa's economy. The study proposes introducing survey weights to enhance the representativity of the micro dataset.
The findings indicate that "the BER has maintained an adequate level of representativity over the life of the survey," but it is recommended that "sample weights be estimated periodically to ensure that representativity is ensured institutionally." These weights could also aid in targeted recruitment efforts moving forward.
The researchers hope that their documentation will facilitate further exploration by other scholars interested in connecting inflation expectations data with additional datasets.