OeNB Freitagseminar with Davud Rostam-Afschar

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Which Macroeconomic News Matters for Price-Setting?

OeNB Freitagsseminar with Davud Rostam-Afschar, Universität Mannheim

Abstract
We examine how macroeconomic news affects firms’ extensive-margin price-setting plans in a survey that we rolled out with randomized daily invitations. These plans predict future realized inflation. Using a high-frequency event study framework, we find that inflation and employment surprises imply significant and sizable revisions in firms’ pricing plans. There is a limited role for news about the trade balance, but no significant role for other commonly studied data releases, e.g., industrial production. We also study news coverage and agents’ news search behavior, finding that the intensive-margin response of media coverage and news search may partly drive our main results.

Date
Friday, 16 January 2026 | Start: 11:00 AM | End: 12:30 PM                    

Venue
The event is planned both, online via Webex and onsite at the Oesterreichische Nationalbank, Otto-Wagner-Platz 3, 1090 Vienna

  • Contact

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