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  1. Subjective models of the macroeconomy: evidence from experts and representative samples
    Author: Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; Wohlfart, Johannes
    Published: October 2021
    Publisher:  ECONtribute, Bonn

    We study people’s subjective models of the macroeconomy and shed light on their at-tentional foundations. To do so, we measure beliefs about the effects of macroeconomic shocks on unemployment and inflation, providing respondents with identical... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 711
    Inter-library loan:
    No inter-library loan

     

    We study people’s subjective models of the macroeconomy and shed light on their at-tentional foundations. To do so, we measure beliefs about the effects of macroeconomic shocks on unemployment and inflation, providing respondents with identical information about the parameters of the shocks and previous realizations of macroeconomic vari-ables. Within samples of both 6,500 US households and 1,500 experts, beliefs are widely dispersed, even about the directional effects of shocks, and there are large differences in average beliefs between households and experts. Part of this disagreement seems to arise from selective retrieval of different propagation channels of macroeconomic shocks. We confirm this mechanism causally by exogenously shifting households’ attention to ei-ther supply-side or demand-side channels. Moreover, households with different personal experiences recall different propagation channels of the shocks, while experts tend to re-call textbook models. Our findings offer a new perspective on the widely documented disagreement in macroeconomic expectations.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248661
    Series: ECONtribute discussion paper ; no. 119
    Subjects: Expectation Formation; Subjective Models; Associations; Thoughts; Attention; Experiences; Macroeconomic Shocks; Monetary Policy; Fiscal Policy
    Scope: 1 Online-Ressource (circa 150 Seiten), Illustrationen
  2. Measuring what is top of mind
    Author: Haaland, Ingar; Roth, Christopher; Stantcheva, Stefanie; Wohlfart, Johannes
    Published: [2024]
    Publisher:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

    We survey the recent literature in economics measuring what is on top of people's minds using open-ended questions. We first provide an overview of studies in political economy, macroeconomics, finance, labor economics, and behavioral economics that... more

    Access:
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 814
    Inter-library loan:
    No inter-library loan

     

    We survey the recent literature in economics measuring what is on top of people's minds using open-ended questions. We first provide an overview of studies in political economy, macroeconomics, finance, labor economics, and behavioral economics that have employed such measurement. We next describe different ways of measuring the considerations that are on top of people's minds. We also provide an overview of methods to annotate and analyze such data. Next, we discuss different types of applications, including the measurement of motives, mental models, narratives, attention, information transmission, and recall. Our review highlights the potential of using open-ended questions to gain a deeper understanding of mechanisms underlying observed choices and expectations.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CEBI working paper series ; 24, 10
    Subjects: Thoughts; Open-ended Questions; Text Data; Methodology; Surveys; Qualitative Research
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. Measuring what is top of mind
    Author: Haaland, Ingar; Roth, Christopher; Stantcheva, Stefanie; Wohlfart, Johannes
    Published: May 2024
    Publisher:  ECONtribute, [Bonn]

    We survey the recent literature in economics measuring what is on top of people's minds using open-ended questions. We first provide an overview of studies in political economy, macroeconomics, finance, labor economics, and behavioral economics that... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 711
    Inter-library loan:
    No inter-library loan

     

    We survey the recent literature in economics measuring what is on top of people's minds using open-ended questions. We first provide an overview of studies in political economy, macroeconomics, finance, labor economics, and behavioral economics that have employed such measurement. We next describe different ways of measuring the considerations that are on top of people's minds. We also provide an overview of methods to annotate and analyze such data. Next, we discuss different types of applications, including the measurement of motives, mental models, narratives, attention, information transmission, and recall. Our review highlights the potential of using open-ended questions to gain a deeper understanding of mechanisms underlying observed choices and expectations.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: ECONtribute discussion paper ; no. 298
    Subjects: Thoughts; Open-ended Questions; Text Data; Methodology; Surveys; Qualitative Research
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen