change in expectations is documented using a novel source of information available in Google Trends, among other sources. It …

, expectations of higher future productivity raise the demand for new vintages of capital relative to old capital. Capital …

expectations and document a strong negative relationship. However, the link is much weaker in bad times, since uncertainty is then … persistently high - even when expectations are favorable. I continue by investigating the relative importance of uncertainty and … expectations for corporate decisions. Exploiting information on firms' investment and labor reactions to the COVID-19 crisis, I do …