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  1. The Inflation Expectations of U.S. Firms
    Evidence from a new survey
    Autor*in: Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
    Erschienen: 2021
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U.S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations displays unique... mehr

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    Verlag (kostenfrei)
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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

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

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

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

     

    Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U.S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations displays unique dynamics, distinct from those of households and professional forecasters. By any typical definition of "anchored" expectations, the inflation expectations of U.S. managers appear far from anchored, much like those of households. And like households, U.S. managers are largely uninformed about recent aggregate inflation dynamics or monetary policy. These results complement existing evidence on firms' inflation expectations from other countries and confirm that inattention to inflation and monetary policy is pervasive among U.S. firms as well

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: NBER working paper series ; no. w28836
    Schlagworte: Führungskräfte; Inflationserwartung; USA
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  2. Export-led decay: the trade channel in the gold standard era
    Autor*in: Candia, Bernardo; Pedemonte, Mathieu
    Erschienen: 2021
    Verlag:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 36
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    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working paper / Federal Reserve Bank of Cleveland ; 21, 11 (May 2021)
    Schlagworte: Exchange rate regime; currency unions; export-led growth; Great Depression; gold standard
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  3. The inflation expectations of U.S. firms: evidence from a new survey
    Autor*in: Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
    Erschienen: May 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U.S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations displays unique... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

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

     

    Introducing a new survey of U.S. firms' inflation expectations, we document key stylized facts involving what U.S. firms know and expect about inflation and monetary policy. The resulting time series of firms' inflation expectations displays unique dynamics, distinct from those of households and professional forecasters. By any typical definition of "anchored" expectations, the inflation expectations of U.S. managers appear far from anchored, much like those of households. And like households, U.S. managers are largely uninformed about recent aggregate inflation dynamics or monetary policy. These results complement existing evidence on firms' inflation expectations from other countries and confirm that inattention to inflation and monetary policy is pervasive among U.S. firms as well.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/236409
    Schriftenreihe: Discussion paper series / IZA ; no. 14378
    Schlagworte: expectations; surveys; anchoring; rational inattention
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. Communication and the beliefs of economic agents
    Autor*in: Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
    Erschienen: September 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1 (27800)
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    uneingeschränkte Fernleihe, Kopie und Ausleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 27800
    Schlagworte: Erwartungsbildung; Inflationserwartung
    Umfang: 48 Seiten, Illustrationen
    Bemerkung(en):

    Erscheint auch als Online-Ausgabe
  5. The Macroeconomic Expectations of Firms
    Autor*in: Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
    Erschienen: May 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Using surveys of firms around the world, we review existing evidence on how firms form their macroeconomic expectations. Several facts stand out. First, the mean inflation forecasts of firms often deviate significantly from those of professional... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
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    keine Fernleihe

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

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

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

     

    Using surveys of firms around the world, we review existing evidence on how firms form their macroeconomic expectations. Several facts stand out. First, the mean inflation forecasts of firms often deviate significantly from those of professional forecasters and households. Second, disagreement about inflation among firms is large. Third, firms often change their short-run and long-run inflation expectations jointly and by similar amounts. Fourth, firms in economies with a history of low and stable inflation are inattentive to inflation and monetary policy, but this is less true in countries with more volatile environments. Fifth, firms form expectations about inflation and the real economy jointly, but the way in which they do can differ widely across countries. Finally, we show that conditioning on firms' inflation expectations generates a stable Phillips curve relationship. We also review evidence showing that exogenous variation in the macroeconomic expectations of firms affects their decisions

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30042
    Schlagworte: Erwartungsbildung; Unternehmer; Wirtschaftsprognose; Behavioral Macroeconomics; General; General; Monetary Policy, Central Banking, and the Supply of Money and Credit
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  6. Tell Me Something I Don't Already Know
    Learning in Low and High-Inflation Settings
    Autor*in: Weber, Michael; Candia, Bernardo; Ropele, Tiziano; Lluberas, Rodrigo; Frache, Serafin; Meyer, Brent H.; Kumar, Saten; Gorodnichenko, Yuriy; Georgarakos, Dimitris; Coibion, Olivier; Kenny, Geoff
    Erschienen: July 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Using randomized control trials (RCTs) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both households... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

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

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

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

     

    Using randomized control trials (RCTs) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both households and firms have become more attentive and informed about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has been consistently high (Uruguay) and low (New Zealand) as well as what happens when the same agents are repeatedly provided information in both low- and high-inflation environments (Italy). Our results broadly support models in which inattention is an endogenous outcome that depends on the economic environment

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w31485
    Schlagworte: Inflationserwartung; Wirtschaftsinformation; Geldpolitik; Rationale Erwartung; Randomisierte kontrollierte Studie; Prices, Business Fluctuations, and Cycles; General; General
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  7. Tell me something I don't already know
    learning in low- and high-inflation settings
    Autor*in: Weber, Michael; Candia, Bernardo; Ropele, Tiziano; Lluberas, Rodrigo; Frache, Serafin; Meyer, Brent; Kumar, Saten; Gorodnichenko, Yuriy; Georgarakos, Dimitris; Coibion, Olivier; Kenny, Geoff
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of Atlanta, Atlanta, GA

    Using randomized control trials (RCT) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has risen in developed economies, both households and firms... mehr

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    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 253
    Fernleihe:
    keine Fernleihe

     

    Using randomized control trials (RCT) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has risen in developed economies, both households and firms have become more attentive and informed about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. This observation holds for both firms and households. We also study the effects of RCTs in countries where inflation has been consistently high (Uruguay) and low (New Zealand) as well as what happens when the same agents are repeatedly provided information in both low- and high-inflation environments (Italy). Our results broadly support models in which inattention is an endogenous outcome that depends on the economic environment.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/279463
    Schriftenreihe: Working paper series / Federal Reserve Bank of Atlanta ; 2023, 8 (July 2023)
    Schlagworte: Inflationserwartung; Wirtschaftsinformation; Geldpolitik; Rationale Erwartung; Randomisierte kontrollierte Studie; inattention; RCTs; inflation expectation
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Tell me something I don't already know
    learning in low and high-inflation settings
    Autor*in: Weber, Michael; Candia, Bernardo; Ropele, Tiziano; Lluberas, Rodrigo; Frache, Serafin; Meyer, Brent; Kumar, Saten; Gorodnichenko, Yuriy; Georgarakos, Dimitris; Coibion, Olivier; Kenny, Geoff; Ponce, Jorge
    Erschienen: July 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Using randomized control trials (RCTs) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both households... mehr

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

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

     

    Using randomized control trials (RCTs) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both households and firms have become more attentive and informed about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has been consistently high (Uruguay) and low (New Zealand) as well as what happens when the same agents are repeatedly provided information in both low- and high-inflation environments (Italy). Our results broadly support models in which inattention is an endogenous outcome that depends on the economic environment.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/279003
    Schriftenreihe: Discussion paper series / IZA ; no. 16305
    Schlagworte: Inflationserwartung; Wirtschaftsinformation; Geldpolitik; Rationale Erwartung; Randomisierte kontrollierte Studie; inattention; RCTs; inflation expectations
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  9. Do You Even Crypto, Bro?
    Cryptocurrencies in Household Finance
    Autor*in: Weber, Michael; Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
    Erschienen: May 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Using repeated large-scale surveys of U.S. households, we study the cryptocurrency investment decisions and motives of households relative to other financial assets. Cryptocurrency holders tend to be young, white, male and more libertarian relative... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Standort:
    Universitätsbibliothek Freiburg
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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

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

     

    Using repeated large-scale surveys of U.S. households, we study the cryptocurrency investment decisions and motives of households relative to other financial assets. Cryptocurrency holders tend to be young, white, male and more libertarian relative to non-crypto holders. They expect much higher rates of returns for crypto and perceive it as relatively safer than do other households. They also view it as a better hedge against inflation. For those holding cryptocurrencies, changes in Bitcoin prices translate into their purchases of durable goods. Finally, exogenously-provided information about historical returns of cryptocurrencies leads individuals to increase their desired crypto holdings and makes them more likely to actually purchase cryptocurrency subsequently. We compare these views and behaviors to those of households toward other financial assets and argue that cryptocurrency is unique in many of these respects

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w31284
    Schlagworte: Privater Haushalt; Virtuelle Währung; Investitionsentscheidung; Haushaltsökonomik; USA; Information, Knowledge, and Uncertainty; Money and Interest Rates; Household Finance
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  10. Do you even crypto, bro?
    cryptocurrencies in household finance
    Autor*in: Weber, Michael; Candia, Bernardo; Coibion, Olivier; Gorodnichenko, Yuriy
    Erschienen: July 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Using repeated large-scale surveys of U.S. households, we study the cryptocurrency investment decisions and motives of households relative to other financial assets. Cryptocurrency holders tend to be young, white, male and more libertarian relative... mehr

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

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

     

    Using repeated large-scale surveys of U.S. households, we study the cryptocurrency investment decisions and motives of households relative to other financial assets. Cryptocurrency holders tend to be young, white, male and more libertarian relative to non-crypto holders. They expect much higher rates of returns for crypto and perceive it as relatively safer than do other households. They also view it as a better hedge against inflation. For those holding cryptocurrencies, changes in Bitcoin prices translate into their purchases of durable goods. Finally, exogenously-provided information about historical returns of cryptocurrencies leads individuals to increase their desired crypto holdings and makes them more likely to actually purchase cryptocurrency subsequently. We compare these views and behaviors to those of households toward other financial assets and argue that cryptocurrency is unique in many of these respects.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/279033
    Schriftenreihe: Discussion paper series / IZA ; no. 16335
    Schlagworte: cryptocurrency; household finance; surveys
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  11. Keeping up with the Jansens
    causal peer effects on household spending, beliefs and happiness
    Autor*in: Rooij, Maarten van; Coibion, Olivier; Georgarakos, Dimitris; Candia, Bernardo; Gorodnichenko, Yuriy
    Erschienen: 05 June 2024
    Verlag:  Centre for Economic Policy Research, London

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Standort:
    Universitätsbibliothek Mannheim
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    Standort:
    Universität Potsdam, Universitätsbibliothek
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP19133
    Schlagworte: Peer effects; randomized controlled trial; surveys
    Umfang: 1 Online-Ressource (circa 101 Seiten), Illustrationen
  12. Keeping up with the Jansens
    causal peer effects on household spending, beliefs and happiness
    Autor*in: Rooij, Maarten van; Coibion, Olivier; Georgarakos, Dimitris; Candia, Bernardo; Gorodnichenko, Yuriy
    Erschienen: [2024]
    Verlag:  De Nederlandsche Bank NV, Amsterdam, The Netherlands

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This draft: January 25, 2024
    Schriftenreihe: DNB working paper ; no. 804 (February 2024)
    Schlagworte: Peer effects; surveys
    Umfang: 1 Online-Ressource (circa 99 Seiten), Illustrationen
  13. Keeping Up with the Jansens
    Causal Peer Effects on Household Spending, Beliefs and Happiness
    Autor*in: Rooij, Maarten van; Coibion, Olivier; Georgarakos, Dimitris; Candia, Bernardo; Gorodnichenko, Yuriy
    Erschienen: February 2024
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    How strong are peer effects on the beliefs and spending decisions of individuals? We use a randomized control study in which treated households are told about either average income or debt of individuals like them to assess how peer effects influence... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Standort:
    Universitätsbibliothek Freiburg
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    keine Fernleihe

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

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    keine Fernleihe

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

     

    How strong are peer effects on the beliefs and spending decisions of individuals? We use a randomized control study in which treated households are told about either average income or debt of individuals like them to assess how peer effects influence their beliefs and spending. The information treatments are successful at moving respondents' beliefs about peers' incomes and debt levels. We find that individuals with exogenously higher perceived relative income become more opposed to redistribution and increase the amount of time they spend socializing with peers. In addition, we find some evidence of reallocative "keeping up with the Joneses" on spending, as those who learn their peers earn more than they thought tend to reallocate their spending toward durable goods and away from non-durables. However, the quantitative magnitude of peer effects on spending is small in the months following the information experiment. Peer effects also matter for labor supply decisions and ex-post employment outcomes. Finally, believing that one earns more than peers causally leads to large positive effects on happiness, above and beyond effects coming from spending more time with peers, changing beliefs about redistribution, or changes in spending patterns

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w32107
    Schlagworte: Soziale Gruppe; Soziale Beziehungen; Privater Haushalt; Privater Konsum; Kausalanalyse; Randomisierte kontrollierte Studie; Wohlfahrtsökonomik; Niederlande; Distribution; Welfare Economics; Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  14. Keeping up with the Jansens
    causal peer effects on household spending, beliefs and happiness
    Autor*in: Rooij, Maarten van; Coibion, Olivier; Georgarakos, Dimitris; Candia, Bernardo; Gorodnichenko, Yuriy
    Erschienen: January 2024
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    How strong are peer effects on the beliefs and spending decisions of individuals? We use a randomized control study in which treated households are told about either average income or debt of individuals like them to assess how peer effects influence... mehr

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

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
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    How strong are peer effects on the beliefs and spending decisions of individuals? We use a randomized control study in which treated households are told about either average income or debt of individuals like them to assess how peer effects influence their beliefs and spending. The information treatments are successful at moving respondents' beliefs about peers' incomes and debt levels. We find that individuals with exogenously higher perceived relative income become more opposed to redistribution and increase the amount of time they spend socializing with peers. In addition, we find some evidence of reallocative "keeping up with the Joneses" on spending, as those who learn their peers earn more than they thought tend to reallocate their spending toward durable goods and away from non-durables. However, the quantitative magnitude of peer effects on spending is small in the months following the information experiment. Peer effects also matter for labor supply decisions and ex-post employment outcomes. Finally, believing that one earns more than peers causally leads to large positive effects on happiness, above and beyond effects coming from spending more time with peers, changing beliefs about redistribution, or changes in spending patterns.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/295792
    Schriftenreihe: Discussion paper series / IZA ; no. 16769
    Schlagworte: peer effects; surveys
    Umfang: 1 Online-Ressource (circa 98 Seiten), Illustrationen
  15. Tell me something i don't already know
    learning in low and high-inflation settings
    Autor*in: Weber, Michael; Candia, Bernardo; Ropele, Tiziano; Lluberas, Rodrigo; Frache, Serafin; Meyer, Brent; Kumar, Saten; Gorodnichenko, Yuriy; Georgarakos, Dimitris; Coibion, Olivier; Kenny, Geoff; Ponce, Jorge
    Erschienen: 15 July 2023
    Verlag:  Centre for Economic Policy Research, London

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
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    Standort:
    Universitätsbibliothek Mannheim
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP18299
    Schlagworte: Inflationserwartung; Wirtschaftsinformation; Geldpolitik; Rationale Erwartung; Randomisierte kontrollierte Studie; Inflation expectations; Rational inattention; Randomized controlled trial (rct)
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  16. Tell me something I don't already know
    learning in low and high-inflation settings
    Autor*in: Weber, Michael; Candia, Bernardo; Afrouzi, Hassan; Ropele, Tiziano; Lluberas, Rodrigo; Frache, Serafin; Meyer, Brent; Kumar, Saten; Gorodnichenko, Yuriy; Georgarakos, Dimitris; Coibion, Olivier; Kenny, Geoff; Ponce, George
    Erschienen: [2024]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    Using randomized control trials (RCTs) applied over time in different countries, we study whether the economic environment affects how agents learn from new information. We show that as inflation rose in advanced economies, both households and firms... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    Using randomized control trials (RCTs) applied over time in different countries, we study whether the economic environment affects how agents learn from new information. We show that as inflation rose in advanced economies, both households and firms became more attentive and informed about publicly available news about inflation, leading them to respond less to exogenously provided information about inflation and monetary policy. We also study the effects of RCTs in countries where inflation has been consistently high (Uruguay) and low (New Zealand) as well as what happens when the same agents are repeatedly provided information in both low-and high-inflation environments (Italy). Our results broadly support models in which inattention is an endogenous outcome that depends on the economic environment.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289963947
    Weitere Identifier:
    hdl: 10419/297354
    Schriftenreihe: Working paper series / European Central Bank ; no 2914
    Schlagworte: Inattention; RCTs; inflation expectations
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen