Data and Code for: Subjective Models of Workers and Managers for Macroeconomic Expectations

Principal Investigator(s): View help for Principal Investigator(s) Claudia Bruschi, Georgetown University; Francesco D'Acunto, Georgetown University; Saten Kumar, Auckland University of Technology; Michael Weber, University of Chicago

Version: View help for Version V1

Name	File Type	Size	Last Modified
README.txt	text/plain	2.6 KB	05/09/2025 05:26:AM
code.do	text/plain	5 KB	05/09/2025 05:53:AM
database.dta	application/x-stata-dta	120.5 KB	05/09/2025 05:53:AM

Project Citation:

Bruschi, Claudia, D’Acunto, Francesco, Kumar, Saten, and Weber, Michael. Data and Code for: Subjective Models of Workers and Managers for Macroeconomic Expectations. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-05-20. https://doi.org/10.3886/E229005V1

Project Description

Summary: This repository contains the data and code associated with the article in which we propose a measure of subjective models of the macroeconomy for firms and workers. Subjective models are highly heterogeneous across agents and their distribution is similar within the groups of firm managers and workers. At the same time, the beliefs of managers and workers who hold the same subjective models react differently to monetary shocks. The expected persistence of monetary policy tightening differs across managers based on their subjective models but not across workers. And, the expected effect of monetary tightening on short-term inflation differs across workers based on their subjective models but not across managers.

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
      E71 Macro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

Geographic Coverage: New Zealand

Collection Date(s): 10/2022 – 1/2023

Universe: Representative sample of firms in New Zealand

Data Type(s): survey data

Methodology

Response Rate: 12% of the firm sample

Sampling: Following the ANZSIC 2006, firms are randomly chosen from four broad industries: manufacturing, trade, construction and transportation, and professional and financial services. The population of firms in the survey was 12,000. The survey aimed to include around two-thirds of the participants from manufacturing and professional and financial services since these sectors have relatively large shares of GDP. To this end, 4,000 firms were randomly selected from manufacturing and professional and financial services, respectively, and the remaining one-third is a combination of firms from other industries such as trade, construction, and transportation. The firm inclusion criteria focused on three properties. First, a senior manager and at least one employee of the same firm are willing to participate in the survey. Second, the firm employs at least six workers. Last, the annual sales turnover is at least NZ$30,000.

Collection Mode(s): telephone interview

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Published Versions

V1 [2025-05-20]

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