endogenous information acquisition, using tailored surveys of firms and households. First, we show that firms perceive a greater … acquiring or processing information acquire less information. Finally, an exogenous increase in the perceived uncertainty of the … exchange rate increases firms’ demand for a report about exchange rate developments, but not households'. Our findings inform …

COVID-19 hit firms by surprise. In a high frequency, representative panel of German firms, the business outlook … declined and business uncertainty increased only when the spread of the COVID-19 pandemic led to domestic policy changes: The …, business perceptions hardly reacted to any other potential source of information: Firms did not learn from foreign policy …

-level survey data, we document five facts about pass-through across firms, sectors, and over time. We highlight a new channel …

evasion and legal tax avoidance. In this paper I show that uncertainty in tax law can help achieve higher efficiency than … litigation costs. Thus, tax uncertainty and tax disputes can be socially desirable. …

Firms adjust to differences in market size and demand uncertainty by changing the frequency and size of their export … data we confirm that firms adjust on both margins for market size. In a stochastic setting, firms adjust to increased … uncertainty by reducing their sales and, for a given export volume, by reducing their number of shipments and increasing their …

presence of lockdowns and uncertainty. These firms swiftly digitalized, introduced new products and changed their markets and …This paper analyzes the initial impact and recovery of globally engaged firms from the COVID-19 crisis. It uses rich … organized in a series of stylized facts, which suggest that although the pandemic had an immediate adverse impact on most firms …

This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show … past growth. In the cross section of firms, however, subjective uncertainty differs from conditional volatility: planning … in successful firms—either large or fast-growing—reflects lower subjective uncertainty than in unsuccessful firms even …

the recession on firms treated by the payroll tax cuts compared to a similar control group. When implemented, prior to the … Great Recession, we estimate that the payroll tax cuts had limited effects on employment and balance-sheet outcomes of firms … by the previously enacted payroll tax cuts in treated firms. These employment effects are exacerbated for men and low …

. Compared to other firms operating in the same 5-digit sector, robot importers are larger, more productive, and employ a higher …