Konferenzbeitrag
Information Frictions among Firms and Households
We use surveys of German households and firms to study the extent of information frictions among different groups of economic agents. Firms' expectations about the central bank policy rate, inflation, and aggregate unemployment are more aligned with expert forecasts and less dispersed than households'. Moreover, firms update their policy rate expectations significantly less when provided with an expert forecast and do not extrapolate to expected own borrowing rates, while households extrapolate to personal rates. Our results challenge previous findings that information frictions among firms are as large as those among households, which has important implications for modeling heterogeneity in macroeconomic expectation formation.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2021: Climate Economics
- 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
-
Information frictions
firms
households
expectation formation
interest rates
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Link, Sebastian
Peichl, Andreas
Roth, Christopher
Wohlfart, Johannes
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Leibniz Information Centre for Economics
- (wo)
-
Kiel, Hamburg
- (wann)
-
2021
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Link, Sebastian
- Peichl, Andreas
- Roth, Christopher
- Wohlfart, Johannes
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2021
Ähnliche Objekte (12)
Information Frictions among Firms and Households
Information frictions among firms and households
Information Frictions among Firms and Households
Information Frictions among Firms and Households
Multidimensional Measurement of Richness and the Role of Income and Wealth
Sufficient Statistic or Not? The Elasticity of Taxable Income in the Presence of Deduction Possibilities
Wage Incidence of Local Corporate Taxation - Micro Evidence from Germany
Validating Structural Labor Supply Models
Automatic Stabilizers and Economic Crisis: US vs. Europe
An Unemployment Insurance Scheme for the Euro Area
Do savings increase in response to salient information about retirement and expected pensions?
Fiscal Union in Europe? Efficiency, Equity and Stabilizing Effects of an EU-Wide Income Tax
Information Frictions among Firms and Households
Information frictions among firms and households
Information Frictions among Firms and Households
Information Frictions among Firms and Households
Multidimensional Measurement of Richness and the Role of Income and Wealth
Sufficient Statistic or Not? The Elasticity of Taxable Income in the Presence of Deduction Possibilities
Wage Incidence of Local Corporate Taxation - Micro Evidence from Germany
Validating Structural Labor Supply Models
Automatic Stabilizers and Economic Crisis: US vs. Europe
An Unemployment Insurance Scheme for the Euro Area
Do savings increase in response to salient information about retirement and expected pensions?
Fiscal Union in Europe? Efficiency, Equity and Stabilizing Effects of an EU-Wide Income Tax
Information Frictions among Firms and Households
Information frictions among firms and households
Information Frictions among Firms and Households
Information Frictions among Firms and Households
Multidimensional Measurement of Richness and the Role of Income and Wealth
Sufficient Statistic or Not? The Elasticity of Taxable Income in the Presence of Deduction Possibilities
Wage Incidence of Local Corporate Taxation - Micro Evidence from Germany
Validating Structural Labor Supply Models
Automatic Stabilizers and Economic Crisis: US vs. Europe
An Unemployment Insurance Scheme for the Euro Area
Do savings increase in response to salient information about retirement and expected pensions?