Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/146957 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Bundesbank Discussion Paper No. 39/2016
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
In this paper, we examine the influence of information rigidities concerning the net worth of banks on the real economy over time. In a first part, we show empirically that expectations about the net earnings of banks (as growth of net worth) are truly biased, particularly during the financial crisis. The forecast error of professional investors cannot be attributed to sticky information but rather to noisy information. Investors display a learning behavior with regard to past forecast errors in forming their expectations about future earnings during the crisis. In a second part, by drawing on a New Keynesian general equilibrium model with a banking sector, we demonstrate that, by quantitatively incorporating this type of information updating and expectations formation about the net worth of banks, noisy information can produce a slow recovery compared to a full information rational expectation case.
Schlagwörter: 
DSGE Model
Survey Data
Imperfect Information
Learning
Slow Recovery
JEL: 
E3
E44
ISBN: 
978-3-95729-306-0
Dokumentart: 
Working Paper
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