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Home | News | Discussion on survey and lab experiments by Isabelle Salle in the Journal of Monetary Economics
News | August 13, 2021

Discussion on survey and lab experiments by Isabelle Salle in the Journal of Monetary Economics

Comment on “No firm is an island? How industry conditions shape firms’ expectations” by Philippe Andrade, Olivier Coibion, Erwan Gautier and Yuriy Gorodnichenko by research fellow Isabelle Salle is in press in the Journal of Monetary Economics. The comment is part of the special issue of the Carnegie-Rochester-NYU conference on Central Banking in the 2020's and beyond.

Discussion on survey and lab experiments by Isabelle Salle in the Journal of Monetary Economics
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.

View discussion here.

Article Citation

Isabelle Salle, Comment on “No firm is an island? How industry conditions shape firms’ expectations” by Philippe Andrade, Olivier Coibion, Erwan Gautier and Yuriy Gorodnichenko”, Journal of Monetary Economics, special issue of the Carnegie-Rochester-NYU conference on Central Banking in the 2020's and beyond, doi.org/10.1016/j.jmoneco.2021.06.003.