全球智库信息集成服务系统(G2TT): DP12722 Firms' Expectations of New Orders, Employment, Costs and Prices: Evidence from Micro Data

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12722
	DP12722 Firms' Expectations of New Orders, Employment, Costs and Prices: Evidence from Micro Data
	Lena Boneva; James Cloyne; Martin Weale; Tomasz Wieladek
发表日期	2018-02-14
出版年	2018
语种	英语
摘要	Firms' expectations play a central role in forward-looking macroeconomic models, but little is known empirically about how these are formed or whether they matter. Using a novel panel data set of firms' expectations about new orders, employment, unit costs, prices and wage rates for the United Kingdom, we document a range of stylized facts about the properties of firms' expectations and their relationship with recent pricing decisions. Expected future price and wage growth are influenced by firm-specific and aggregate factors. Price expectations are more correlated with cost and inflation indicators, wage expectations are more correlated with activity indicators. Expectations of new orders are influenced by aggregate conditions, while expected employment and unit costs seem to be influenced more by firm-specific factors. We also provide micro evidence to support the idea that actual price movements are influenced by expected future price movements, although firms' expectations do not seem to be fully rational.
主题	Monetary Economics and Fluctuations
关键词	Firm expectations Pricing setting Rationality Survey data Inflation expectations
URL	https://cepr.org/publications/dp12722
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/541533
推荐引用方式 GB/T 7714	Lena Boneva,James Cloyne,Martin Weale,et al. DP12722 Firms' Expectations of New Orders, Employment, Costs and Prices: Evidence from Micro Data. 2018.