estimation of a large VAR through Bayesian techniques. Loans to households emerge as the most important driver of economic …

endogenous information acquisition, using tailored surveys of firms and households. First, we show that firms perceive a greater … exposure to exchange rate movements than households, which is reflected in higher levels of information acquisition and less … rate information strongly increases in various proxies for stake size. Second, households who perceive higher costs 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 …

We provide evidence for an expectation gap, where risk-averse as well as impatient households and experts provide …