Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/242376 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2021: Climate Economics
Verlag: 
ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg
Zusammenfassung: 
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.
Schlagwörter: 
Information frictions
firms
households
expectation formation
interest rates
JEL: 
D83
D84
E71
Dokumentart: 
Conference Paper

Datei(en):
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