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Mood, firm behavior, and aggregate economic outcomes

机译:情绪,坚定的行为和汇总经济结果

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This study examines whether mood affects the aggregate state-level macroeconomy through its impact on firm-level decisions. Using sky cloud cover as a proxy for mood, we show that mood affects the economic expectations of small business managers. After relatively sunnier periods, managers have more optimistic expectations, and the component of their expectations related to mood influences hiring and investment decisions. Consequently, mood affects state-level job creation and new business starts, especially during periods of greater economic uncertainty. These results suggest that mood-induced economic expectations influence firm-level managerial decisions and state-level macroeconomic fluctuations. (C) 2018 Elsevier B.V. All rights reserved.
机译:本研究审查了情绪是否通过其对企业级决策的影响来影响总体状态级宏观经济。使用天空云盖作为心情的代理,我们表明情绪影响小企业经理的经济期望。经过相对阳光的时期,经理人有更乐观的期望,以及他们与情绪影响的期望的成分影响招聘和投资决策。因此,情绪影响国家级工作创造和新业务开始,特别是在更大的经济不确定性期间。这些结果表明,情绪引起的经济期望会影响公司级别的管理决策和国家级宏观经济波动。 (c)2018年elestvier b.v.保留所有权利。

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