Replication data for: How Do Firms Form Their Expectations? New Survey Evidence

Principal Investigator(s): View help for Principal Investigator(s) Olivier Coibion; Yuriy Gorodnichenko; Saten Kumar

Version: View help for Version V1

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Project Citation:

Coibion, Olivier, Gorodnichenko, Yuriy, and Kumar, Saten. Replication data for: How Do Firms Form Their Expectations? New Survey Evidence. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113095V1

Project Description

Summary: We survey New Zealand firms and document novel facts about their macroeconomic beliefs. There is widespread dispersion in beliefs about past and future macroeconomic conditions, especially inflation. This dispersion in beliefs is consistent with firms' incentives to collect and process information. Using experimental methods, we find that firms update their beliefs in a Bayesian manner when presented with new information about the economy and that changes in their beliefs affect their decisions. Inflation is not generally perceived as being important to business decisions so firms devote few resources to collecting and processing information about inflation.

Scope of Project

JEL Classification:
      D22 Firm Behavior: Empirical Analysis
      D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
      D84 Expectations; Speculations
      E31 Price Level; Inflation; Deflation
      E52 Monetary Policy

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Published Versions

V1 [2019-10-12]

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