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SAFE to update inflation expectations? : new survey evidence on euro area firms
Baumann, Ursel; Ferrando, Annalisa; Georgarakos, Dimitris; … - 2024
This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey on the Access to Finance of Enterprises (SAFE), we introduce consistent measurement of inflation expectations across countries and shed new light on the properties and causal...
Persistent link: https://www.econbiz.de/10014535260
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012099559
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Information and the formation of inflation expectations by firms : evidence from a survey of Israeli firms
Gorodnichenko, Yuriy; Melnick, Rafi; Kutai, Ari - 2023
This study analyzes how firms form their inflation expectations during a regime change in monetary policy and a transition to a low-inflation environment. Using the Bank of Israel survey of firms, we document the basic properties of firms' inflation expectations and examine how Israeli firms...
Persistent link: https://www.econbiz.de/10014318218
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Trust in the time of corona
Brück, Tilman; Ferguson, Neil T. N.; Justino, Patricia; … - 2020
not just public health and the economy but also societies. We focus on one pillar of society - trust - and explore how … trust correlates with the individual experiences of the pandemic. The analysis is based on a new global survey - 'Life with … are unemployed exhibit lower trust in people, institutions, and in general. By contrast, no such differences exist for …
Persistent link: https://www.econbiz.de/10012239442
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Tell me something I don't already know : learning in low and high-inflation settings
Weber, Michael; Candia, Bernardo; Ropele, Tiziano; … - 2023
Using randomized control trials (RCTs) applied over time in different countries, we study how the economic environment affects how agents learn from new information. We show that as inflation has recently risen in advanced economies, both households and firms have become more attentive and...
Persistent link: https://www.econbiz.de/10014311952
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The effect of macroeconomic uncertainty on household spending
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2021
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10012491975
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Financial shocks and the erosion of interpersonal trust : evidence from longitudinal data
Jetter, Michael; Kristoffersen, Ingebjørg - 2017
This paper evaluates the effect of financial shocks on interpersonal trust levels, exploiting longitudinal survey data … from 22,112 Australians. Using within-individual level variation, we find that trust does not change meaningfully following … a positive financial shock (e.g., winning the lottery). However, trust falls sharply following a negative financial …
Persistent link: https://www.econbiz.de/10011775876
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The subjective inflation expectations of households and firms : measurement, determinants, and implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013271201
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Media capture by banks
Durante, Ruben; Fabiani, Andrea; Laeven, Luc; Peydró, … - 2022
banks earnings reports and of the Eurozone sovereign debt crisis on major newspapers from several European countries. We …. Regarding the Eurozone crisis we find that newspapers connected to banks more exposed to stressed sovereign bonds are more …
Persistent link: https://www.econbiz.de/10013173241
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Financial crises and liberalization : progress or reversals?
Saka, Orkun; Campos, Nauro; De Grauwe, Paul; Ji, Yuemei; … - 2019
Financial crisis can trigger policy reversals, i.e. they can lead to a process of re- regulation of financial markets. Using a recent comprehensive dataset on financial liberalization across 94 countries for the period between 1973 and 2015, we formally test the validity of this prediction for...
Persistent link: https://www.econbiz.de/10012022690