Based on a new survey question in a large and representative panel of German firms, this paper introduces a novel … measure of managers' subjective uncertainty. I compare this measure of business uncertainty to respondents' business … expectations and document a strong negative relationship. However, the link is much weaker in bad times, since uncertainty is then …

. Fourth, firms are increasingly relying on digital solutions as a response to the shock. Fifth, there is great uncertainty …. First, the COVID-19 shock has been severe and widespread across firms, with persistent negative impact on sales. Second, the … small share of firms laying off workers. Third, smaller firms are disproportionately facing greater financial constraints …

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 …

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

of ideas about the firm. Coase thought it necessary to explain firms as organizations, but not as distinctive productive … organizing the growth of knowledge. The firm is a decision-making system in a context of Knightian uncertainty, and Simon …