In dieser Studie werden die Effekte von Geld- und Fiskalpolitik auf Konsumentenerwartungen in Szenarien von hohem und niedrigem öffentlichen Schuldenstand empirisch untersucht. In Reaktion auf einen Anstieg der Staatsausgaben steigen Konsumpläne bei niedrigem, fallen jedoch bei hohem...

We study the term structure of disagreement of professional forecasters for key macroeconomic variables. We document a novel set of facts: 1) forecasters disagree at all horizons, including the very long run; 2) the shape of the term structure of disagreement differs markedly across variables:...

We study how firms' expectations and actions are affected by both aggregate and industryspecific conditions using a survey of French manufacturing firms. We document an important new stylized fact. In response to industry-level shocks that have no aggregate effects, firms' aggregate expectations...

We provide survey evidence on how households’ inflation expectations matter for their spending highlighting a behavioral distortion compared to the New Keynesian setup. A large share of households expects prices to remain stable instead of increasing. Such a belief is linked to individual...