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Information Frictions among Firms and Households

Author

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  • Link, Sebastian

    (LMU Munich, IZA, CESif)

  • Peichl, Andreas

    (LMU Munich, ifo Institute)

  • Roth, Christopher

    (University of Warwick, briq, CESifo, Cage Warwick, CEPR)

  • Wohlfart, Johannes

    (University of Copenhagen, CESifo, Danish Finance Institute)

Abstract

We leverage survey data from Germany, Italy, and the US to document several novel stylized facts about the extent of information frictions among firms and households. First, firms’ expectations about the central bank policy rate, inflation, and aggregate unemployment are more aligned with expert forecasts and less dispersed than households’ . Second, there is substantially more heterogeneity in information frictions within households than within firms. Third, consistent with firms having stronger priors, they update their policy rate expectations significantly less compared to households when provided with an expert forecast. Our results have important implications for modeling heterogeneity in macroeconomic models.

Suggested Citation

  • Link, Sebastian & Peichl, Andreas & Roth, Christopher & Wohlfart, Johannes, 2021. "Information Frictions among Firms and Households," The Warwick Economics Research Paper Series (TWERPS) 1341, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:1341
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    Keywords

    Information frictions ; firms ; households ; expectation formation ; interest rates JEL Classification: D83 ; D84 ; E7;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

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