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Credit Cycles: Experimental Evidence
(2016-06-23)
This paper reports that credit cycles emerged in laboratory economies that were not hit by aggregate shocks and in which information about fundamentals was perfect. This main result is in our view puzzling because standard ...
Can Firms see into the Future? Survey evidence from Germany
(2017-11-03)
This paper presents new evidence on the expectation formation process of firms from a survey of the German manufacturing sector. It focuses on the expectation about their future business conditions, which enters the widely ...
Can Households See into the Future? Survey Evidence from the Netherlands
(2018-07-14)
This paper presents new evidence on the expectation formation process from a Dutch household survey. Households become too optimistic about their future income after their income has improved, consistent with the ...
Depressed Demand
(2020-02-14)
Using a survey of Dutch households, we find that individuals who have experienced higher national unemployment rates over their lifetime save more and borrow less, after controlling for aggregate shocks, income, wealth, ...