Recent research on productivity spillovers from affiliates of multinational corporations in developing and emerging … transmitting productivity spillovers. This finding has important policy implications, given that host economy governments often … dissemination, and the materialization of productivity spillovers among domestic firms. These findings are used to identify the main …

We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 … their mean absolute deviations. Analogously, we measure realized volatility using absolute forecast errors. We establish two … new facts. (1) Subjective uncertainty and realized volatility both decline with GDP per capita. (2) Managers underestimate …