Arbeitspapier
Attention to the macroeconomy
We provide evidence on the dynamics, drivers, and consequences of attention to the macroeconomy using tailored panel surveys of German firms and households. Draw-ing on novel measures of attention based on open-ended questions collected before and during a historic shock to inflation, we document three sets of results: First, at-tention to the macroeconomy is characterized by large and persistent individual het-erogeneity, responds strongly to changes in the economic environment, and is nega-tively correlated with attention to household- or firm-level topics. Second, more at-tentive respondents are more likely to adjust inflation expectations during the shock, have higher confidence in their beliefs, and hold smaller misperceptions about re-alized inflation, yet their expectations about future inflation deviate more strongly from professional forecasts. Third, personal experiences are associated with house-holds' attention allocation and belief formation during the shock in a time-varying way, consistent with similarity-based recall. Our results have implications for model-ing attention allocation and expectation formation about the economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECONtribute Discussion Paper ; No. 256
- Klassifikation
-
Wirtschaft
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Expectations; Speculations
Macro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy‡
- Thema
-
Attention
expectation formation
personal experiences
inflation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Link, Sebastian
Peichl, Andreas
Roth, Christopher
Wohlfart, Johannes
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
- (wo)
-
Bonn and Cologne
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Link, Sebastian
- Peichl, Andreas
- Roth, Christopher
- Wohlfart, Johannes
- University of Bonn and University of Cologne, Reinhard Selten Institute (RSI)
Entstanden
- 2023
Ähnliche Objekte (12)
Attention to the Macroeconomy
The benefits of linking CGE and Microsimulation Models - Evidence from a Flat Tax analysis
The benefits of linking CGE and microsimulation models: evidence from a flat tax analysis
The Benefits and Problems of Linking Micro and Macro Models: Evidence from a Flat Tax Analysis
Die Evaluation von Steuerreformen durch Simulationsmodelle
Benefits and problems of linking micro and macro models - evidence from a flat tax analysis
Multidimensional measurement of richness: Theory and an application to Germany
Multidimensional affluence: Theory and applications to Germany and the US
Multidimensional Measurement of Richness: Theory and an Application to Germany
Responses of firms to tax, administrative and accounting rules: Evidence from Armenia
Responses of Firms to Tax, Administrative and Accounting Rules: Evidence from Armenia
European Fiscal Union: What Is It? Does It Work? And Are There Really 'No Alternatives'?
Attention to the Macroeconomy
The benefits of linking CGE and Microsimulation Models - Evidence from a Flat Tax analysis
The benefits of linking CGE and microsimulation models: evidence from a flat tax analysis
The Benefits and Problems of Linking Micro and Macro Models: Evidence from a Flat Tax Analysis
Die Evaluation von Steuerreformen durch Simulationsmodelle
Benefits and problems of linking micro and macro models - evidence from a flat tax analysis
Multidimensional measurement of richness: Theory and an application to Germany
Multidimensional affluence: Theory and applications to Germany and the US
Multidimensional Measurement of Richness: Theory and an Application to Germany
Responses of firms to tax, administrative and accounting rules: Evidence from Armenia
Responses of Firms to Tax, Administrative and Accounting Rules: Evidence from Armenia
European Fiscal Union: What Is It? Does It Work? And Are There Really 'No Alternatives'?
Attention to the Macroeconomy
The benefits of linking CGE and Microsimulation Models - Evidence from a Flat Tax analysis
The benefits of linking CGE and microsimulation models: evidence from a flat tax analysis
The Benefits and Problems of Linking Micro and Macro Models: Evidence from a Flat Tax Analysis
Die Evaluation von Steuerreformen durch Simulationsmodelle
Benefits and problems of linking micro and macro models - evidence from a flat tax analysis
Multidimensional measurement of richness: Theory and an application to Germany
Multidimensional affluence: Theory and applications to Germany and the US
Multidimensional Measurement of Richness: Theory and an Application to Germany
Responses of firms to tax, administrative and accounting rules: Evidence from Armenia
Responses of Firms to Tax, Administrative and Accounting Rules: Evidence from Armenia