作者：Andrade, Philippe; Coibion, Olivier; Gautier, Erwan; Gorodnichenko, Yuriy
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; University of Texas System; University of Texas Austin; European Central Bank; Bank of France; National Bureau of Economic Research
摘要：Using a survey of French manufacturing firms, we study how firms' expectations and actions are affected by both aggregate and industry-specific conditions. In response to industry-level shocks that have no aggregate effects, firms' aggregate expectations respond persistently. This is consistent with island models in which firms use the local prices they observe to make inferences about broader aggregate conditions. These patterns are related to observable characteristics of firms and the indus...
作者：Salle, Isabelle
作者单位：Bank of Canada; University of Amsterdam; Tinbergen Institute
摘要：Andrade et al. analyze the data from a large panel of firms and show how sector-specific shocks erroneously influence firms' outlooks about the aggregate economy. This paper is part of a broader research agenda that has extensively documented the existence of information rigidities using data from large-scale surveys of households and firms. This comment discusses the implications of this research agenda for central banking in light of a complementary empirical method, namely laboratory experi...
作者：Morazzoni, Marta; Sy, Andrea
作者单位：Pompeu Fabra University; Barcelona School of Economics; Pompeu Fabra University; Barcelona School of Economics
摘要：We document and quantify the effect of a gender gap in credit access on both entrepreneurship and input misallocation in the US. Female entrepreneurs are found to be more likely to face a rejection on their loan applications and to have a higher average product of capital, a sign of gender-driven capital misallocation that decreases in femaleled firms' access to finance. These results are not driven by differences in observable individual or businesses characteristics. Calibrating a heterogene...
