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Salle, I. (2021). Comment on “No firm is an island? How industry conditions shape firms{\textquoteright} expectations” by Philippe Andrade, Olivier Coibion, Erwan Gautier and Yuriy Gorodnichenko Journal of Monetary Economics, :.


  • Journal
    Journal of Monetary Economics

Andrade et al. analyze the data from a large panel of firms and show how sector-specific shocks erroneously influence firms{\textquoteright} 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.