This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if...

This paper studies how managers plan under uncertainty. In a new survey panel on German manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher subjective uncertainty about future sales growth when the firm has just experienced unusual growth, and more so if...

Die Coronakrise hat die deutsche Wirtschaft in eine Rezession gestürzt, die viele Jobs bedroht. Tatsächlich hat der Beschäftigungsabbau bereits begonnen, wie Umfragen des ifo Instituts belegen. Aber über welche Kanäle trifft der Corona-Schock die deutschen Unternehmen? Dieser Beitrag...