Information frictions among firms and households

• 成果类型: Article
• 署名作者: Link, Sebastian; Peichl, Andreas; Roth, Christopher; Wohlfart, Johannes
• 署名单位: IZA Institute Labor Economics; University of Munich; Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut; University of Cologne; University of Copenhagen; Danish Finance Institute; University of Copenhagen; Danish Finance Institute
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.01.005
• 发表日期: 2023
• 页码: 99-115
• 关键词: information frictions; Expectation formation; FIRMS; households; Interest rates

摘要

Using surveys of German firms and households, we document novel stylized facts about the extent of information frictions among the two groups. First, firms' expectations about macroeconomic variables are closer to expert forecasts and less dispersed than house-holds', consistent with higher information frictions among households. Second, the degree of dispersion and the distance from expert forecasts varies more across groups of house-holds than across groups of firms. Third, firms update their policy rate expectations less than households when provided with an expert forecast, consistent with firms holding stronger priors. Our results have implications for modeling choices, macroeconomic dy-namics, and policies.(c) 2023 Elsevier B.V. All rights reserved.