In survey data on judgment of various economic conditions, e.g. inflation and business conditions, the intuitions and the expectations of the respondents are reflected. If such people's psychological factors can be taken into the econometric models, the performance of the models might improve greatly. Based on these considerations, this research tries to make use of survey results in econometric modeling. More concretely, this paper proposes a new filtering method to remove the trend from an economic time series by using large-scale survey data published by official institutions.
