Arbeitspapier
Information Frictions among Firms and Households
We leverage survey data from Germany, Italy, and the US to document several novel stylized facts about the extent of information frictions among firms and households. First, firms' expectations about the central bank policy rate, inflation, and aggregate unemployment are more aligned with expert forecasts and less dispersed than households'. Second, there is substantially more heterogeneity in information frictions within households than within firms. Third, consistent with firms having stronger priors, they update their policy rate expectations significantly less compared to households when provided with an expert forecast. Our results have important implications for modeling heterogeneity in macroeconomic models.
- Sprache
-
Englisch
- Erschienen in
-
Series: CEBI Working Paper Series ; No. 07/21
- 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)
-
University of Copenhagen, Department of Economics, Center for Economic Behavior and Inequality (CEBI)
- (wo)
-
Copenhagen
- (wann)
-
2021
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 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
- Arbeitspapier
Beteiligte
- Link, Sebastian
- Peichl, Andreas
- Roth, Christopher
- Wohlfart, Johannes
- University of Copenhagen, Department of Economics, Center for Economic Behavior and Inequality (CEBI)
Entstanden
- 2021
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