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We survey samples of German firms and households to 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...
Persistent link: https://www.econbiz.de/10014083849
This paper investigates whether the consumption of rich households provides a reference point in the consumption choices of non-rich households from an intertemporal perspective. Using UK household data on food consumption, we estimate the Euler equation implied by a life-cycle model...
Persistent link: https://www.econbiz.de/10013046229