Ropele, Tiziano; Gorodnichenko, Yuriy; Coibion, Olivier - National Bureau of Economic Research - 2022
We match survey data of Italian firms that includes a repeated experiment in which information about inflation is … study how exogenous variation in inflation expectations causally affects the borrowing decisions of Italian firms. We … document a number of new results. Firms with exogenously higher inflation expectations end up paying higher interest rates on …