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Information Frictions among Firms and Households

Author

Listed:
  • Sebastian Link

    (ifo Institute, LMU Munich, IZA, CESifo)

  • Andreas Peichl

    (LMU Munich, ifo Institute)

  • Christopher Roth

    (University of Cologne, ECONtribute)

  • Johannes Wohlfart

    (Department of Economics and CEBI, University of Copenhagen, CES ifo, Danish Finance Institute)

Abstract
We survey samples of German firms and households to document novel stylized facts about the extent of information frictions among the two groups. First, firms’ expecta-tions about macroeconomic variables are closer to expert forecasts and less dispersed than households’, consistent with higher information frictions among households. Second, the degree of dispersion and the distance from expert forecasts varies more across groups of households than across groups of firms. Third, firms update their policy rate expectations less than households when provided with an expert forecast, consistent with holding stronger priors. Our results have implications for modeling choices, macroeconomic dynamics, and policies.

Suggested Citation

  • Sebastian Link & Andreas Peichl & Christopher Roth & Johannes Wohlfart, 2022. "Information Frictions among Firms and Households," ECONtribute Discussion Papers Series 140, University of Bonn and University of Cologne, Germany.
    • Handle: RePEc:ajk:ajkdps:140
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    More about this item

    Keywords

    Information frictions; expectation formation; firms; households; interest rates;
    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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