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Comment on “No firm is an island? How industry conditions shape firms’ expectations” by Philippe Andrade, Olivier Coibion, Erwan Gautier and Yuriy Gorodnichenko

Isabelle Salle

Journal of Monetary Economics, 2022, vol. 125, issue C, 57-61

Abstract: Andrade et al. analyze the data from a large panel of firms and show how sector-specific shocks erroneously influence firms’ outlooks about the aggregate economy. This paper is part of a broader research agenda that has extensively documented the existence of information rigidities using data from large-scale surveys of households and firms. This comment discusses the implications of this research agenda for central banking in light of a complementary empirical method, namely laboratory experiments, and their use in informing macroeconomic policies.

Keywords: Information rigidities; Expectations; Survey data; Experimental macroeconomics (search for similar items in EconPapers)
JEL-codes: E3 E4 E5 E7 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1016/j.jmoneco.2021.06.003

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