Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/251036 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
KOF Working Papers No. 496
Verlag: 
ETH Zurich, KOF Swiss Economic Institute, Zurich
Zusammenfassung: 
This paper studies the dynamic effects of an uncertainty shock on firm expectations. We conduct a survey that confronts managers from a representative firm sample with a model-consistent uncertainty shock scenario. An exogenous increase in uncertainty significantly reduces managers' expected investment, employment and production in the short and mid run. We collect novel direct firm-level measures for different types of capital and labor adjustment costs. Adjustment costs vary strongly across sectors and types. They help explain firms' reactions to the shock, which provides evidence for the relevance of real-options channels. We compare the findings to DSGE and VAR results.
Schlagwörter: 
Uncertainty
Shock
Firms
Survey
Vignette
Expectations
Investment
Employment
Production
JEL: 
C83
D83
D84
E22
E23
E24
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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