Information frictions among firms and households
基于对德国企业和家庭的调查，发现企业对宏观变量的预期更接近专家预测且分歧更小，而家庭的信息摩擦更大；提供专家预测后，企业更新政策利率预期的幅度小于家庭，表明企业先验信念更强。
Using surveys of German firms and households, we document novel stylized facts about the extent of information frictions among the two groups. First, firms’ expectations 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 firms holding stronger priors. Our results have implications for modeling choices, macroeconomic dynamics, and policies.