000			02233cam a22003497 4500
001			w25412
003			NBER
005			20211020104308.0
006			m o d
007			cr cnu||||||||
008			210910s2018 mau fo 000 0 eng d
100	1		_aCoibion, Olivier. _98255
245	1	0	_aInflation Expectations and Firm Decisions: _bNew Causal Evidence / _cOlivier Coibion, Yuriy Gorodnichenko, Tiziano Ropele.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2018.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w25412
500			_aDecember 2018.
520	3		_aWe use a unique design feature of a survey of Italian firms to study the causal effect of inflation expectations on firms' economic decisions. In the survey, a randomly chosen subset of firms is repeatedly treated with information about recent inflation whereas other firms are not. This information treatment generates exogenous variation in inflation expectations. We find that higher inflation expectations on the part of firms leads them to raise their prices, increase demand for credit, and reduce their employment and capital. However, when policy rates are constrained by the effective lower bound, demand effects are stronger, leading firms to raise their prices more and no longer reduce their employment.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy _2Journal of Economic Literature class.
690		7	_aE3 - Prices, Business Fluctuations, and Cycles _2Journal of Economic Literature class.
700	1		_aGorodnichenko, Yuriy. _927289
700	1		_aRopele, Tiziano.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w25412.
856	4	0	_uhttps://www.nber.org/papers/w25412
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w25412
942			_2ddc _cW-PAPER
999			_c322710 _d281272