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Non-technical summary for RDP 2021-11: Smells Like Animal Spirits: The Effect of Corporate Sentiment on Investment

30 Nov 2021 RDP 2021-11
Gianni La Cava
RDP 2021-11: Smells Like Animal Spirits: The Effect of Corporate Sentiment on Investment Non-technical summary. Gianni La Cava. November 2021. Download the Non-technical summary 415. KB. Economists have long been interested in the effect of animal
https://www.rba.gov.au/publications/rdp/2021/2021-11/non-technical-summary.html

Smells Like Animal Spirits: The Effect of Corporate Sentiment on Investment

30 Nov 2021 RDP 2021-11
Gianni La Cava
Identifying a role for sentiment is also challenging because it is not observed. ... In practice, it is also difficult to disentangle the effects of sentiment and uncertainty.
https://www.rba.gov.au/publications/rdp/2021/2021-11/full.html

References

30 Nov 2021 RDP 2021-11
Gianni La Cava
Akerlof GA and RJ Shiller (2009), Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, Princeton University Press, Princeton.
https://www.rba.gov.au/publications/rdp/2021/2021-11/references.html

Robustness Tests and Extensions

30 Nov 2021 RDP 2021-11
Gianni La Cava
Companies presumably avoid using negative words if they can, so when they do use them it is more informative than the use of positive words. ... 2007). But, in some special cases, it is possible to sign the estimation bias.
https://www.rba.gov.au/publications/rdp/2021/2021-11/robustness-tests-and-extensions.html

Policy Implications and Conclusions

30 Nov 2021 RDP 2021-11
Gianni La Cava
Given the strong correlation between sentiment and investment at the company level, for policymakers, it may be worth investing more resources in behavioural macroeconomic models that allow for exogenous shocks to ... Previous research has shown that, in
https://www.rba.gov.au/publications/rdp/2021/2021-11/policy-implications-and-conclusions.html

The Effect of Corporate Sentiment Shocks

30 Nov 2021 RDP 2021-11
Gianni La Cava
Download the Paper 1.7. MB. Before turning to the statistical analysis, it is helpful to look at the data underpinning the regression modelling. ... it. ). If sentiment matters to business investment, we would expect a positive correlation between
https://www.rba.gov.au/publications/rdp/2021/2021-11/the-effect-of-corporate-sentiment-shocks.html

Corporate Sentiment, Animal Spirits and Investment

30 Nov 2021 RDP 2021-11
Gianni La Cava
Identifying a role for sentiment is also challenging because it is not observed. ... In practice, it is also difficult to disentangle the effects of sentiment and uncertainty.
https://www.rba.gov.au/publications/rdp/2021/2021-11/corporate-sentiment-animal-spirits-and-investment.html

Company-level Information on Sentiment and Investment

30 Nov 2021 RDP 2021-11
Gianni La Cava
This approach is better able to capture the nuances in human language but it is more complex and less transparent (Huang and Simon 2021). ... However, it is hard to be definitive about whether this sample leads to biased estimates of the effect of
https://www.rba.gov.au/publications/rdp/2021/2021-11/company-level-information-on-sentiment-and-investment.html