We generate observable expectations about fiscal variables through laboratory experiments using realworld data fromseveral European countries as stimuli.We compare a VAR model of expectations for data that is presented in a fiscal frame with one for neutrally presented data.We test the validity of the setup and find that participants understand the meaning of the fiscal variables, but also that their ability to perceive the correct characteristics of fiscal policy is limited. Expectations are consistent neither with rational nor with purely adaptive expectations, but instead follow an augmented-adaptive scheme.