| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27317 |
| 来源ID | Working Paper 27317 |
| No Firm is an Island? How Industry Conditions Shape Firms' Aggregate Expectations | |
| Philippe Andrade; Olivier Coibion; Erwan Gautier; Yuriy Gorodnichenko | |
| 发表日期 | 2020-06-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study how firms’ expectations and actions are affected by both aggregate and industry-specific conditions using a survey of French manufacturing firms. We document two novel features. First, the adjustment of firms’ expectations is more rapid after industry-specific shocks than aggregate shocks. This is consistent with rational inattention models which predict that firms should pay more attention to industry variation than aggregate conditions. Second, in response to industry shocks that have no aggregate effects, firms’ aggregate expectations respond. This is consistent with “island” models in which firms use the specific prices they observe to make inferences about broader aggregate conditions. We also study how these results vary across industries. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w27317 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584988 |
| 推荐引用方式 GB/T 7714 | Philippe Andrade,Olivier Coibion,Erwan Gautier,et al. No Firm is an Island? How Industry Conditions Shape Firms' Aggregate Expectations. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27317.pdf（575KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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