Imperfect information, shock heterogeneity, and inflation dynamics

We establish novel empirical regularities on firms' expectations about aggregate and idiosyncratic components of sectoral demand using industry-level survey data for the universe of Japanese firms. Expectations of the idiosyncratic component of demand differ across sectors, and they positively...

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Bibliographic Details
Main Authors: Zanetti, F, Okuda, T, Tsuruga, T
Format: Working paper
Published: University of Oxford 2019