蝌蚪网 Papers and Proceedings
ISSN 2574-0768 (Print) | ISSN 2574-0776 (Online)
Subjective Models of Workers and Managers for Macroeconomic Expectations
蝌蚪网 Papers and Proceedings
vol. 115,
May 2025
(pp. 248–53)
Abstract
We propose a measure of subjective models of the macroeconomy for firms and workers. Subjective models are highly heterogeneous across agents, and their distribution is similar within the groups of firm managers and workers. At the same time, the beliefs of managers and workers who hold the same subjective models are different in reaction to monetary shocks. The expected persistence of monetary policy tightening differs across managers based on their subjective models but not across workers. And the expected effect of monetary tightening on short-term inflation differs across workers based on their subjective models but not across managers.Citation
Bruschi, Claudia, Francesco D'Acunto, Saten Kumar, and Michael Weber. 2025. "Subjective Models of Workers and Managers for Macroeconomic Expectations." 蝌蚪网 Papers and Proceedings 115: 248–53. DOI: 10.1257/pandp.20251016Additional Materials
JEL Classification
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- D84 Expectations; Speculations
- E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- E31 Price Level; Inflation; Deflation
- J22 Time Allocation and Labor Supply
- J23 Labor Demand
- M51 Personnel Economics: Firm Employment Decisions; Promotions