Browsing by Author "Müller, Gernot J."

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2023-07Diskussionspapier

Firm Expectations and News: Micro v Macro

Born, Benjamin; Enders, Zeno; Menkhoff, Manuel; Müller, Gernot; Niemann, Knut

Using firm-level data, we study how firm expectations adjust to news while accounting for a) the heterogeneity of news and b) the heterogeneity of firms. We classify news as either micro or macro, that is, information ...
2019-10-11Diskussionspapier

Monetary Policy Announcements and Expectations

Enders, Zeno; Hünnekes, Franziska; Müller, Gernot J.

We assess empirically whether monetary policy announcements impact firm expectations. Two features of our data set are key. First, we rely on a Survey of production and price expectations of German firms, that is, expectations ...
2023-06Diskussionspapier

On FIRE, news, and expectations

Born, Benjamin; Enders, Zeno; Müller, Gernot J.

The full-information rational expectations (FIRE) assumption is at the core of modern macroeconomics. We revisit recent evidence which rejects FIRE based on survey data. It relates forecast errors to news at different ...