Information frictions in inflation expectations among five types of economic agents
| Autor: | GATE Working Paper Series, Camille Cornand, Paul Hubert |
|---|---|
| Přispěvatelé: | Groupe d'analyse et de théorie économique (GATE Lyon Saint-Étienne), Centre National de la Recherche Scientifique (CNRS)-Université de Lyon-Université Jean Monnet [Saint-Étienne] (UJM)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université Lumière - Lyon 2 (UL2)-École normale supérieure - Lyon (ENS Lyon), Observatoire français des conjonctures économiques (OFCE), Sciences Po (Sciences Po), Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne (GATE Lyon Saint-Étienne), École normale supérieure de Lyon (ENS de Lyon)-Université Lumière - Lyon 2 (UL2)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université de Lyon-Université Jean Monnet - Saint-Étienne (UJM)-Centre National de la Recherche Scientifique (CNRS), École normale supérieure - Lyon (ENS Lyon)-Université Lumière - Lyon 2 (UL2)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université de Lyon-Université Jean Monnet [Saint-Étienne] (UJM)-Centre National de la Recherche Scientifique (CNRS), Observatoire français des conjonctures économiques (Sciences Po) (OFCE), École normale supérieure de Lyon (ENS de Lyon)-Université Lumière - Lyon 2 (UL2)-Université Jean Monnet - Saint-Étienne (UJM)-Centre National de la Recherche Scientifique (CNRS) |
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
History
JEL: E - Macroeconomics and Monetary Economics/E.E7 - Macro-Based Behavioral Economics [QFIN]Quantitative Finance [q-fin] Polymers and Plastics inflation expectations experimental forecasts JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices Business Fluctuations and Cycles survey forecasts [SHS.ECO]Humanities and Social Sciences/Economics and Finance forecast revisions Industrial and Manufacturing Engineering disagreement central bank forecasts JEL: E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy Central Banking and the Supply of Money and Credit Business and International Management information frictions |
| Zdroj: | European Economic Review European Economic Review, 2022, 146, pp.104175. ⟨10.2139/ssrn.3928619⟩ |
| ISSN: | 0014-2921 |
| DOI: | 10.2139/ssrn.3928619⟩ |
| Popis: | International audience; We compare disagreement in expectations and the frequency of forecast revisions among five categories of agents: households, firms, professional forecasters, policymakers and participants to laboratory experiments. We provide evidence of disagreement among all categories of agents. There is however a strong heterogeneity across categories: while policymakers and professional forecasters exhibit low disagreement, firms and households show strong disagreement. This translates into a heterogeneous frequency of forecast revision across categories of agents, with policymakers revising more frequently their forecasts than firms and professional forecasters. Households last revise less frequently. We are also able to explore the external validity of experimental expectations. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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