Direkt zur Hauptnavigation springen Direkt zum Inhalt springen
info(at)avldigital.remove-this.de
Deutsch English
Filtern nach
Aktive Filter
Letzte Suchanfragen

Ergebnisse für *

Zeige Ergebnisse 51 bis 75 von 154.

  1. Income risk, precautionary saving, and loss aversion
    an empirical test
    Autor*in: Ibanez, Marcela; Schneider, Sebastian O.
    Erschienen: June 2023
    Verlag:  Max Planck Institute for Research on Collective Goods, Bonn

    This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income triggers an increase in saving because of loss aversion. Guided by the theoretical model of Koszegi and Rabin (2009), we first extend... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 62
    Fernleihe:
    keine Fernleihe

     

    This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income triggers an increase in saving because of loss aversion. Guided by the theoretical model of Koszegi and Rabin (2009), we first extend their theoretical analysis to also consider the internal margin, i.e., the strength, of loss aversion, and then empirically study the relation between income risk, experimentally elicited loss aversion, and precautionary savings. We do so using a sample of 640 individuals from the low-income population of Bogotá, characterized by limited financial education and subject to substantial income risk. In line with the theoretical predictions, we find that an increase in income risk is associated with higher savings for loss-averse individuals, and that this increase in savings grows with the degree of loss aversion. An accompanying laboratory experiment confirms that an exogenous increase in income risk causally leads to this observed pattern. Thus, consistent with the theoretical predictions derived from the model of Koszegi and Rabin (2009), but in contrast to common assumptions, our findings establish that loss aversion is not necessarily an obstacle to saving, and thus identify new approaches of increasing saving among individuals with low financial education.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 21.11116/0000-000D-5CFF-E
    hdl: 10419/274064
    Schriftenreihe: Discussion papers of the Max Planck Institute for Research on Collective Goods ; 2023, 6
    Schlagworte: Reference-dependent utility; expectations; consumption plans; precautionary savings; loss aversion; risk preferences; income risk; low income; Bogotá; experiment
    Umfang: 1 Online-Ressource (circa 122 Seiten), Illustrationen
  2. Not all ECB meetings are created equal
    Autor*in: Kandemir, Sinem; Tillmann, Peter
    Erschienen: [2023]
    Verlag:  Philipps-University Marburg, School of Business and Economics, Marburg

    Most meetings of the Governing Council of the ECB take place intra muros at the ECB's premises in Frankfurt. Some meetings, however, are held extra muros, i.e. outside Frankfurt, hosted by one of the national central banks. This paper uses... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 102
    Fernleihe:
    keine Fernleihe

     

    Most meetings of the Governing Council of the ECB take place intra muros at the ECB's premises in Frankfurt. Some meetings, however, are held extra muros, i.e. outside Frankfurt, hosted by one of the national central banks. This paper uses high-frequency surprises from meeting days to show that the standard deviation of surprises is higher when the ECB meets intra muros. This difference is mostly due to larger timing, forward guidance and QE surprises when meeting in Frankfurt. We show that the transmission of policy surprises to longer-term interest rates is significantly weaker when meeting extra muros. In addition, when the meeting takes place extra muros, the wording of the ECB communication during the press conference is significantly more similar to the preceding meeting. The results suggest that the important decisions are taken in Frankfurt and that the ECB avoids large changes to the policy path when meeting extra muros. The difference across meeting types has consequences for the macroeconomic impact of monetary policy.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/278496
    Schriftenreihe: Joint discussion paper series in economics ; no. 2023, 12
    Schlagworte: monetary policy; expectations; central bank communication; monetary policy committee; text analysis
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. Income risk, precautionary saving, and loss aversion
    an empirical test
    Autor*in: Ibanez, Marcela; Schneider, Sebastian O.
    Erschienen: March 2021
    Verlag:  Max Planck Institute for Research on Collective Goods, Bonn

    This paper empirically examines the behavioral precautionary saving hypothesis by Koszegi and Rabin (2009) stating that uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 62
    Fernleihe:
    keine Fernleihe

     

    This paper empirically examines the behavioral precautionary saving hypothesis by Koszegi and Rabin (2009) stating that uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider the internal margin, i.e., the strength, of loss aversion, and empirically study the relation between income risk, experimentally elicited loss aversion and precautionary savings. We do so using a sample of 640 individuals from the low-income population of Bogotá, characterized by limited financial education and subject to substantial income risk. In line with the theoretical predictions, we find that an increase in income risk is associated with higher savings for loss-averse individuals, and that this increase in savings grows with the degree of loss aversion. Thus, as suggested by Koszegi and Rabin (2009), but contrarily to common assumptions, our findings establish that loss aversion is not necessarily an obstacle to saving, and thus identify new approaches of increasing saving among individuals with low financial education.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 21.11116/0000-0008-1716-6
    hdl: 10419/245969
    Schriftenreihe: Discussion papers of the Max Planck Institute for Research on Collective Goods ; 2021, 6
    Schlagworte: Reference-dependent utility; expectations; consumption plans; precautionary savings; loss aversion; risk preferences; income risk; low-income; Bogotá; experiment
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Subjective uncertainty, expectations, and firm behavior
    Autor*in: Lautenbacher, Stefan
    Erschienen: March 2021
    Verlag:  ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich, Germany

    Based on a new survey question in a large and representative panel of German firms, this paper introduces a novel measure of managers' subjective uncertainty. I compare this measure of business uncertainty to respondents' business expectations and... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 402
    Fernleihe:
    keine Fernleihe

     

    Based on a new survey question in a large and representative panel of German firms, this paper introduces a novel measure of managers' subjective uncertainty. I compare this measure of business uncertainty to respondents' business expectations and document a strong negative relationship. However, the link is much weaker in bad times, since uncertainty is then persistently high - even when expectations are favorable. I continue by investigating the relative importance of uncertainty and expectations for corporate decisions. Exploiting information on firms' investment and labor reactions to the COVID-19 crisis, I do not find evidence that uncertainty induced "wait and see" behavior. However, a deterioration in managers' expectations and in their assessment of their firms' business situation predicts investment deferral and a reduction in employment.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/233024
    Schriftenreihe: Ifo working papers ; 349 (2021)
    Schlagworte: Subjective uncertainty; expectations; firms; survey data; corporatedecisions; business cycles
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  5. The solution of the immigrant paradox
    aspirations and expectations of children of migrants
    Autor*in: Beine, Michel; Montes-Viñas, Ana Cecilia; Zanaj, Skerdilajda
    Erschienen: December, 2020
    Verlag:  University of Luxemborg, Faculty of Law, Economics and Finance, Luxembourg

    Zugang:
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 612
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; 2020, 26
    Schlagworte: Add-health database; aspirations; expectations; immigrant paradox; education achievements
    Umfang: 1 Online-Ressource (circa 45 Seiten)
  6. Política monetaria y formación de expectativas en un modelo neokeynesiano
    Autor*in: Carballo, Patricia
    Erschienen: [2022]
    Verlag:  [Banco Central del Uruguay], [Montevideo, Uruguay]

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 447
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Spanisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Documento de trabajo / Banco Central del Uruguay ; no 2022, 001
    Schlagworte: Semi-structural model; monetary policy; expectations; Uruguay
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  7. MMT and policy assignment in an open economy context
    simplicity is useful, oversimpliflflication not so much
    Autor*in: Razmi, Arslan
    Erschienen: 2022
    Verlag:  University of Massachusetts Amherst, Amherst

    Modern Monetary Theory (MMT) has recently received significant at- tention in academic and policy circles. Critics question the sustainability of MMT-prescribed approaches to fiscal and monetary policy, especially over extended periods of time, in... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 179
    Fernleihe:
    keine Fernleihe

     

    Modern Monetary Theory (MMT) has recently received significant at- tention in academic and policy circles. Critics question the sustainability of MMT-prescribed approaches to fiscal and monetary policy, especially over extended periods of time, in the presence of international financial markets, and for developing country governments that borrow in foreign currency. I formalize some of these arguments using a dynamic, open economy, Tobin-Markowitz portfolio balance environment that takes into account: (1) the role of expectations in the foreign exchange market and the feedback mechanisms between these and the exchange rate and in‡a- tion, and (2) interactions between the current account, debt accumulation, and the goods market. I show that continuous monetary accommodation of fiscal policy by a consolidated authority that targets low interest rates is likely to generate instability and make it hard to maintain full employ- ment with stable in‡ation. Importantly, this is true even in the absence of rational forward-looking expectations or sovereign foreign indebtedness.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/266996
    Schriftenreihe: Economics Department working paper series ; 2022, 06
    Schlagworte: Modern Monetary Theory; expectations; endogenous money; balance of payments; fiscal and monetary policy
    Umfang: 1 Online-Ressource (circa 27 Seiten)
  8. A new approach to assess inflation expectations anchoring using strategic surveys
    Autor*in: Armantier, Olivier; Sbordone, Argia M.; Topa, Giorgio; Klaauw, Wilbert van der; Williams, John C.
    Erschienen: [2022]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    We propose a new approach to assessing the anchoring of inflation expectations using "strategic surveys". Namely, we measure households' revisions in long-run inflation expectations after they are presented with different economic scenarios. A key... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 207
    Fernleihe:
    keine Fernleihe

     

    We propose a new approach to assessing the anchoring of inflation expectations using "strategic surveys". Namely, we measure households' revisions in long-run inflation expectations after they are presented with different economic scenarios. A key advantage of this approach is that it provides a causal interpretation in terms of how inflation events affect long-run inflation expectations. We implement the method in the summer of 2019 and the spring-summer of 2021 when the anchoring of long-run inflation expectations was in question. We find that the risk of unanchoring of expectations was reasonably low in both periods, and that long-run inflation expectations were essentially as well anchored in August 2021 as in July 2019, before the COVID-19 pandemic.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/262057
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; no. 1007 (February 2022)
    Schlagworte: inflation; expectations; anchoring; strategic surveys
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  9. Is the word of a gentleman as good as his tweet?
    policy communications of the Bank of England
    Autor*in: Lamla, Michael; Vinogradov, Dmitri V.
    Erschienen: [2021]
    Verlag:  Leuphana Universität Lüneburg, Institut für Volkswirtschaftslehre, Lüneburg

    Policy announcements by central banks affect financial markets, but their effect on consumer beliefs is limited. This paper studies the implications of using different communication channels: established media outlets versus social media. Information... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 105
    Fernleihe:
    keine Fernleihe

     

    Policy announcements by central banks affect financial markets, but their effect on consumer beliefs is limited. This paper studies the implications of using different communication channels: established media outlets versus social media. Information on the news sources comes from our original consumer surveys administered just before and right after policy announcement events, enabling a causal inference on the announce ment effect. We focus on the Bank of England, the first central bank to actively adopt accessible language, simplifted messages and new forms of communication via its Twitter account. Based on about 10 000 individual consumer responses in 2018-2019, overall we find no statistically signiftcant effect of announcements on perceptions or expectations, yet respondents who receive news have better perceptions and expectations than those who don't. Policy announcement events trigger an increase in the share of consumers who receive monetary policy news, the share of informed consumers is higher among Twitter users, suggesting potential benefits from Twitter communication with the public. However, Twitter users tend to overestimate inflation and interest rates, make a greater expectations/perception error. In addition they report higher confidence in their estimates. In terms of expectations quality, spreading the word of the Central bank via conventional mass media appears to be more effective than tweets.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/234592
    Schriftenreihe: University of Lüneburg working paper series in economics ; no. 403 (May 2021)
    Schlagworte: perceptions; expectations; central bank communication; consumer; Twitter
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  10. Firms' asset holdings and inflation expectations
    Autor*in: Kumar, Saten
    Erschienen: [2020]
    Verlag:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1716
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CAMA working paper ; 2020, 61 (June 2020)
    Schlagworte: liquid assets; illiquid assets; expectations; survey; inattention
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  11. The COVID-19 consumption game-changer
    evidence from a large-scale multi-country survey
    Autor*in: Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; Salle, Isabelle
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending. The elongated and profound experience of the COVID-19 crisis may durably affect consumer preferences. We conducted a representative consumer survey in five European countries in summer 2020, after the release of the first wave's lockdown restrictions, and document the underlying reasons for households' reduction in consumption in five key sectors: tourism, hospitality, services, retail, and public transports. We identify a large confidence shock in the Southern European countries and a shift in consumer preferences in the Northern Eu-ropean countries, particularly among high-income earners. We conclude that the COVID-19 experience has altered consumer behavior and that long-term sectoral consumption shifts may occur.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948227
    Weitere Identifier:
    hdl: 10419/246176
    Schriftenreihe: Working paper series / European Central Bank ; no 2599 (October 2021)
    Schlagworte: COVID-19; household behavior; consumption; expectations; experiences; consumer preferences; economic resilience; sectoral changes; zombification; fiscal policy
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  12. ECB Consumer Expectations Survey
    an overview and first evaluation
    Autor*in: Bańkowska, Katarzyna; Borlescu, Ana Maria; Charalambakis, Evangelos; Silva, António Dias da; Di Laurea, Davide; Dossche, Maarten; Georgarakos, Dimitris; Honkkila, Juha; Kennedy, Neale O.; Kenny, Geoff; Kolndrekaj, Aleksandra; Meyer, Justus; Rusinova, Desislava; Teppa, Federica; Törmälehto, Veli-Matti
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 535
    Fernleihe:
    keine Fernleihe

     

    The Consumer Expectations Survey (CES) is an important new tool for analysing euro area household economic behaviour and expectations. This new survey covers a range of important topical areas including consumption and income, inflation and gross domestic product (GDP) growth, the labour market, housing market activity and house prices, and consumer finance and credit access. The CES, which was launched as a pilot in January 2020, is a mixed frequency modular survey, which is conducted online. The survey structure and centralised data collection ensures the collection of harmonised quantitative and qualitative euro area information in a timely manner that facilitates direct cross-country comparisons. During the pilot phase, it was conducted for the six largest euro area countries and contained 10,000 individual respondents. In the context of the coronavirus (COVID-19) pandemic, the CES has been used to gather useful information on the impact of the crisis on the household sector and the effectiveness of policy measures to mitigate the effects of the pandemic. The CES also collects information on the public’s overall trust in the ECB, their knowledge about its objectives and the channels through which they learn about its monetary policy and other central bank-related topics. This paper describes the key features of this new ECB survey – including its statistical properties – and offers a first evaluation of the results from the pilot phase. It also identifies a number of areas where the survey can be usefully developed further. Overall, the experience with the CES has been very positive, and the pilot survey is considered to have achieved its main objectives.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289948418
    Weitere Identifier:
    hdl: 10419/262132
    Schriftenreihe: Occasional paper series / European Central Bank ; no 287 (December 2021)
    Schlagworte: household surveys; expectations; consumer behaviour; micro data set,euro area
    Umfang: 1 Online-Ressource (137 Seiten), Illustrationen
  13. Initial beliefs uncertainty
    Autor*in: Galimberti, Jaqueson K.
    Erschienen: [2021]
    Verlag:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1716
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CAMA working paper ; 2021, 68 (July 2021)
    Schlagworte: expectations; adaptive learning; bounded rationality; macroeconomics
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  14. Persistence and scarring in a non-linear New Keynesian model with experienced-based-expectations
    Autor*in: Dennis, Richard J.
    Erschienen: [2021]
    Verlag:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1716
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CAMA working paper ; 2021, 69 (August 2021)
    Schlagworte: Experience; expectations; learning; persistence; scarring; macroeconomic dynamics
    Umfang: 1 Online-Ressource (circa 38 Seiten)
  15. The economic effects of firm-level uncertainty
    evidence using subjective expectations
    Autor*in: Fiori, Giuseppe; Scoccianti, Filippo
    Erschienen: [2021]
    Verlag:  Banca d'Italia, [Rom]

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 547
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 630 (July 2021)
    Schlagworte: uncertainty; business cycles; investment; expectations; cash holdings; downsideuncertainty
    Umfang: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  16. Firms' inflation expectations: new evidence from France
    Autor*in: Savignac, Frédérique; Gautier, Erwan; Gorodnichenko, Yuriy; Coibion, Olivier
    Erschienen: February 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Using a new survey of firms' inflation expectations in France, we provide novel evidence about the measurement and formation of inflation expectations on the part of firms. First, French firms report inflation expectations with a smaller, but still... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
    Fernleihe:
    keine Fernleihe

     

    Using a new survey of firms' inflation expectations in France, we provide novel evidence about the measurement and formation of inflation expectations on the part of firms. First, French firms report inflation expectations with a smaller, but still positive, bias than households and display less disagreement. Second, we characterize the extent and manner in which the wording of questions matters for the measurement of firms' inflation expectations. Third, we document whether and how the position of the respondent within the firm affects the provided responses. Fourth, because our survey measures firms' expectations about aggregate and firmlevel wage growth along with their inflation expectations, we are able to show that expectations about wages are even more condensed than firms' inflation expectations and almost completely uncorrelated with them, indicating that firms perceive little link between price and wage inflation. Finally, an experimental treatment indicates that an exogenous change in firms' inflation expectations has no effect on their aggregate wage expectations.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/252193
    Schriftenreihe: Discussion paper series / IZA ; no. 15069
    Schlagworte: expectations; rational inattention; surveys; firms
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  17. Rationally inattentive monetary policy
    Autor*in: Bernstein, Joshua; Kamdar, Rupal
    Erschienen: July 21, 2021
    Verlag:  CAEPR, Center for Applied Economics and Policy Research, [Bloomington, IN]

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 522
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: July 21, 2021
    Schriftenreihe: CAEPR working paper ; #2021, 003
    Schlagworte: optimal monetary policy; rational inattention; expectations
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  18. A temporary VAT cut as unconventional fiscal policy
    Autor*in: Bachmann, Ruediger; Born, Benjamin; Goldfayn-Frank, Olga; Kocharkov, Georgi; Luetticke, Ralph; Weber, Michael
    Erschienen: November 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We exploit the unexpected announcement of an immediate, temporary VAT cut in Germany in the second half of 2020 as a natural experiment to study the spending response to unconventional fiscal policy. We use survey and scanner data on households'... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    We exploit the unexpected announcement of an immediate, temporary VAT cut in Germany in the second half of 2020 as a natural experiment to study the spending response to unconventional fiscal policy. We use survey and scanner data on households' consumption expenditures and their perceived pass-through of the tax change into prices to quantify its effects. The temporary VAT cut led to a substantial relative increase in durable spending of 36% for individuals with a high perceived pass-through. Semi- and non-durable spending also increased. According to our preferred estimates, the VAT policy increased aggregate consumption spending by 34 billion Euros.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/248944
    Schriftenreihe: CESifo working paper ; no. 9399 (2021)
    Schlagworte: unconventional fiscal policy; value added tax; survey data; expectations; consumption; household data
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  19. How to finance climate change policies?
    evidence from consumers' beliefs
    Autor*in: D'Acunto, Francesco; Möhrle, Sascha; Neumeier, Florian; Peichl, Andreas; Weber, Michael
    Erschienen: April 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Climate change policies have been rising to the top of the global political agenda, but how should governments finance them? Public economists propose solutions based on economic theory, but their political feasibility depends on voters' support, and... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    Climate change policies have been rising to the top of the global political agenda, but how should governments finance them? Public economists propose solutions based on economic theory, but their political feasibility depends on voters' support, and ordinary households often neglect economic theory and have different views about efficiency and fairness. We design a large-scale information experiment to assess a representative population’s beliefs about alternative forms of financing. We randomly provide information about which groups contribute more to or benefit from climate change and compare the support for alternative financing schemes across informed and uninformed consumers. Informed consumers strongly support the introduction of a VAT-style CO2 tax after learning that the rich contribute more to climate change than the poor, but do not support increasing taxes on older people when learning that they also pollute more. Moreover, consumers who learn that certain populations, due to luck, gain economically from climate change strongly oppose redistribution from gainers to losers of climate change. Consumers also oppose financing policies to fight climate change via public debt, implying higher costs for future generations. Market-based solutions, such as private insurance for those exposed to climate-change risk, are strongly opposed across the board.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/260857
    Schriftenreihe: CESifo working paper ; no. 9727 (2022)
    Schlagworte: climate policy; fiscal policy; taxation; expectations; inequality
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  20. Heterogeneous information, subjective model beliefs, and the time-varying transmission of shocks
    Autor*in: Macaulay, Alistair
    Erschienen: April 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Using a novel decomposition, I show that systematic relationships between information and subjective models across agents distort the aggregate transmission of shocks in a general class of macroeconomic models. I document evidence of such a... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    Using a novel decomposition, I show that systematic relationships between information and subjective models across agents distort the aggregate transmission of shocks in a general class of macroeconomic models. I document evidence of such a systematic correlation between household information and subjective models around inflation using unique features of the Bank of England Inflation Attitudes Survey: on average, households with more negative beliefs about the impacts of inflation obtain more information about inflation. A model in which acquiring information about inflation is costly, and observed information affects the perceived relationship of inflation and real incomes, can explain the empirical variation in information and subjective models in the cross-section and over time. The model generates time-varying shock transmission, and a selection effect that weakens the role of information frictions in aggregate dynamics. Through a novel channel, transitory spikes in inflation may become ‘baked in’ to inflation expectations, but only among those with the most positive subjective models of the effects of inflation.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/260863
    Schriftenreihe: CESifo working paper ; no. 9733 (2022)
    Schlagworte: information frictions; subjective models; heterogeneous agents; expectations; shock transmission
    Umfang: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  21. From economic gains to social losses
    How stories shape expectations in the case of German municipal finance
    Autor*in: Fastenrath, Florian; Orban, Agnes; Trampusch, Christine
    Erschienen: 2017
    Verlag:  Max Planck Institute for the Study of Societies, Cologne

    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
  22. Central Bank Communication and Social Media
    From Silence to Twitter
    Autor*in: Romelli, Davide; Masciandaro, Donato; Peia, Oana
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    This paper discusses the evolution of central bank communication, focusing on recent efforts by central banks to engage with a wider audience via social media. We document the social media presence of major central banks and discuss how analyzing... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This paper discusses the evolution of central bank communication, focusing on recent efforts by central banks to engage with a wider audience via social media. We document the social media presence of major central banks and discuss how analyzing Twitter content by and about monetary policy makers can inform about the effectiveness of communication in influencing beliefs. We focus on recent techniques employed in analyzing social media content in order to understand how central bank communication affects expectations and, subsequently, behavior in financial markets

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: BAFFI CAREFIN Centre Research Paper ; No. 2022-187
    Schlagworte: central bank communication; monetary policy; expectations; transparency; text analysis; social media; Twitter
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (36 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 31, 2022 erstellt
  23. Home price expectations and spending
    evidence from a field experiment
    Autor*in: Chopra, Felix; Roth, Christopher; Wohlfart, Johannes
    Erschienen: May 2023
    Verlag:  CESifo, Munich, Germany

    How do households adjust their spending behavior in response to changes in home price expectations? We conduct a field experiment with a sample of Americans that links survey data on home price expectations to actual spending behaviour as measured in... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    How do households adjust their spending behavior in response to changes in home price expectations? We conduct a field experiment with a sample of Americans that links survey data on home price expectations to actual spending behaviour as measured in a rich home-scanner dataset. In the experiment we exogenously vary households' home price expectations by providing them with different expert forecasts. Homeowners do not adjust their spending in response to exogenously higher home price expectations, consistent with wealth effects and higher expected housing costs offsetting each other. However, renters reduce their spending in response to an increase in home price expectations. We provide evidence that the effects on renters operate through an increase in expected rental costs and higher expected costs of a future home that many renters intend to buy. Our evidence has implications for the role of asset price expectations in business cycle dynamics and consumption inequality.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/279199
    Schriftenreihe: CESifo working papers ; 10450 (2023)
    Schlagworte: consumption; expectations; home prices; homeowner; information; renter
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  24. Which beliefs? behavior-predictive beliefs are inconsistent with information-based beliefs§devidence from COVID-19
    Autor*in: Heffetz, Ori; Ishai, Guy
    Erschienen: [2023]
    Verlag:  [The Federmann Center for the Study of Rationality], [Jerusalem, Israel]

    Zugang:
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Nicht speichern
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: October 26, 2021
    Schriftenreihe: [Discussion paper / The Hebrew University of Jerusalem, The Federmann Center for the Study of Rationality] ; [# 754 (April 2023)]
    Schlagworte: information; expectations; beliefs; risk perceptions; survey elicitation; COVID-19
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
    Bemerkung(en):

    Die Zählung der Reihe wurde der Übersicht in einen später erschienenen Stück entnommen
  25. Deferred acceptance with news utility
    Autor*in: Dreyfuss, Bnaya; Glicksohn, Ofer; Heffetz, Ori; Romm, Assaf
    Erschienen: [2023]
    Verlag:  [The Federmann Center for the Study of Rationality], [Jerusalem, Israel]

    Zugang:
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    Nicht speichern
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: [Discussion paper / The Hebrew University of Jerusalem, The Federmann Center for the Study of Rationality] ; [# 756 (April 2023)]
    Schlagworte: market design; school choice; strategyproof; dominated strategies; expectations; beliefs; reference-dependent preferences; prospect theory; experiments
    Umfang: 1 Online-Ressource (circa 81 Seiten), Illustrationen
    Bemerkung(en):

    Die Zählung der Reihe wurde der Übersicht in einen später erschienenen Stück entnommen