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Disagreement on expectations: firms versus consumers.

ABSTRACT: This paper evaluates the dynamic response of economic activity to shocks in agents' perception of uncertainty. The study focuses on the comparison between manufacturers' and consumers' perception of economic uncertainty, gauged by a geometric discrepancy indicator to quantify the proportion of disagreement in eleven European countries and the Euro Area. A vector autoregressive framework is used to estimate the impulse response functions to innovations in disagreement, both for manufacturers and consumers. The effect on economic activity of shocks to the perception of uncertainty is found to differ markedly between both types of agents. On the one hand, shocks to consumer discrepancy tend to be of greater magnitude and duration than those to manufacturer discrepancy. On the other hand, innovations in disagreement between the two collectives have an opposite effect on economic activity: shocks to manufacturer discrepancy lead to a decrease in economic activity, as opposed to shocks to consumer discrepancy. This finding is of particular relevance to researchers when using cross-sectional dispersion of survey-based expectations for approximating and assessing economic uncertainty, since the effect on economic growth of shocks to disagreement may be dependent on the type of agent and the way in which expectations have been elicited.

Supplementary information

The online version contains supplementary material available at 10.1007/s43546-021-00164-4.

SUBMITTER: Claveria O

PROVIDER: S-EPMC8744376 | biostudies-literature |

REPOSITORIES: biostudies-literature

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Project description:AIMS:Incorporating consumer perspectives into mental health services design is important in working to deliver recovery-oriented care. One of the challenges faced in mental health rehabilitation services is limited consumer engagement with the available support. Listening to consumers' expectations of mental health services, and what they hope to achieve, provides an opportunity to examine the alignment between existing services and the priorities and preferences of the people who use them. We explored consumer understandings and expectations of three recovery-oriented community-based residential mental-health rehabilitation units using semi-structured interviews; two of these units were trialling a staffing model integrating peer support with clinical care. METHODS:Twenty-four consumers completed semi-structured interviews with an independent interviewer during the first 6 weeks of their stay at the rehabilitation unit. Most participants had a primary diagnosis of schizophrenia or a related psychotic disorder (87%). A pragmatic approach to grounded theory guided the analysis, facilitating identification of content and themes, and the development of an overarching conceptual map. RESULTS:The rehabilitation units were considered to provide a transformational space and a transitional place. The most common reason given for engagement was housing insecurity or homelessness rather than the opportunity for rehabilitation engagement. Differences in expectations did not emerge between consumers entering the clinical and integrated staffing model sites. CONCLUSIONS:Consumers understand the function of the rehabilitation service they are entering. However, receiving rehabilitation support may not be the key driver of their attendance. This finding has implications for promoting consumer engagement with rehabilitation services. The absence of differences between the integrated and clinical staffing models may reflect the novelty of the rehabilitation context. The study highlights the need for staff to find better ways to increase consumer awareness of the potential relevance of evidence-based rehabilitation support to facilitating their recovery.

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Disagreement on expectations: firms versus consumers.

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