Uncertainty and Information Acquisition: Evidence from Firms and Households
利用瑞士的小型开放经济环境，通过企业和家庭的专项调查，检验了内生信息获取的宏观经济模型的基本前提，发现感知汇率风险更高的主体会获取更多汇率信息，而信息获取成本则抑制这一行为。
We leverage the small open economy Switzerland as a testing ground for basic premises of macroeconomic models of endogenous information acquisition, using tailored surveys of firms and households. Firms and households perceiving a greater exposure to exchange rate fluctuations acquire more information about the exchange rate. Moreover, higher perceived costs of acquiring or processing information are associated with lower levels of information acquisition. Finally, an exogenous increase in the perceived uncertainty of the exchange rate increases firms’ demand for a report about exchange rate developments, but not households’. Our findings inform the modeling of information frictions in macroeconomics.