What Can Survey Forecasts Tell Us about Information Rigidities?

By Olivier Coibion, Y. Gorodnichenko. Journal of Political Economy, 2012

664 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c19ef8d8f2d52676afaf00e7e62e533ce390b415

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Citations in the corpus

Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination (2016, neutral): “We proceed to review some recent empirical work that uses surveys of economic forecasts to measure the role of frictions in information, most notably by Coibion and Gorodnichenko (2012).”
How Do Expectations about the Macroeconomy Affect Personal Expectations and Behavior? (2020, background): “Our paper also contributes to a literature that uses observational data to study the importance of information rigidities in macroeconomics (Carroll, 2003; Coibion & Gorodnichenko, 2012, 2015a; Mankiw, Reis, & Wolfers, 2003).”
Sticky Expectations and the Profitability Anomaly (2018, methodology): “These investors have “sticky” expectations à la Coibion and Gorodnichenko (2012, 2015).”
Five Facts about Beliefs and Portfolios (2019, neutral): “…2018a,b) as well as the role of firm expectations (e.g., Cummins, Hassett and Oliner, 2006; Bacchetta, Mertens and Van Wincoop, 2009; Coibion and Gorodnichenko, 2012; Gennaioli, Ma and Shleifer, 2016; Landier, Ma and Thesmar, 2017; Bachmann et al., 2018; Bordalo et al., 2018; Fuhrer, 2018).6 A…”
How Do Firms Form Their Expectations? New Survey Evidence (2018, neutral): “Coibion and Gorodnichenko (2012) estimate the rates at which different agents’ forecast errors respond to structural shocks while Coibion and Gorodnichenko (2015b) test for predictability of forecast errors from past forecast revisions as implied by models of imperfect information.”
Overreaction in Macroeconomic Expectations (2018, neutral): “Such predictability has been documented for inflation and other macro forecasts (Coibion and Gorodnichenko 2012, 2015, henceforth CG, Fuhrer 2019), the aggregate stock market (Bacchetta, Mertens, and Wincoop 2009, Amromin and Sharpe 2013, Greenwood and Shleifer 2014, Adam, Marcet, and Buetel 2017),…”
The Price Is Right: Updating Inflation Expectations in a Randomized Price Information Experiment (2016, background): “As Coibion and Gorodnichenko (2012b) demonstrate, a noisy information model predicts constant disagreement in inflation expectations over time under fairly general conditions;29 these conditions should hold in our setting so long as our information treatments are perceived with individual-level…”
HOW DOES CONSUMPTION RESPOND TO NEWS ABOUT INFLATION? FIELD EVIDENCE FROM A RANDOMIZED CONTROL TRIAL (2019, background): “…full-information rational expectations for a range of agents in a number of different settings: e.g., U.S. professional forecasters and households (Coibion and Gorodnichenko 2012, 2015), European professional forecasters (Andrade and Le Bihan 2013), German households (Dräger and Nghiem 2018), and…”
Home Price Expectations and Behaviour: Evidence from a Randomized Information Experiment (2018, background): “Coibion and Gorodnichenko (2012, 2015) present a unifying framework to empirically test and distinguish between several sticky/noisy information models based on aggregate forecast data from surveys; these tests would not be applicable to our individual-level data.”