Firms' asset holdings and inflation expectations

被引：0
|
作者：
Kumar, Saten [1 ]
机构：
[1] Auckland Univ Technol, Sch Econ, Private Mail Bag 92006, Auckland 1192, New Zealand
来源：
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2020年 / 170卷
关键词：
Liquid assets; Illiquid assets; Expectations; Survey; Inattention;
D O I：
10.1016/j.jebo.2019.12.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the relationship between firms' inflation expectations and their holdings of liquid assets. We implement a new quantitative survey of firms' expectations about inflation in New Zealand. We find that firms that hold more shares of liquid assets systematically report lower inflation expectations. Moreover, we implement an experiment by providing firms new exogenous information about recent inflation dynamics. This experiment allows us to assess how firms respond to new information in terms of belief revisions and firm-level decisions. (C) 2019 Elsevier B.V. All rights reserved.
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页码：193 / 205
页数：13
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