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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| do_files | 10/12/2019 05:11:AM | ||
| figures | 10/12/2019 05:11:AM | ||
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text/plain | 531 bytes | 10/12/2019 01:11:AM |
Project Description
Summary:
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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:
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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
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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