expectations and uncertainty, albeit to a much lesser extent than the domestic policy changes. … 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 …

expectations and uncertainty, albeit to a much lesser extent than the domestic policy changes … 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 …

expectations and uncertainty, albeit to a much lesser extent than the domestic policy changes … 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 …

expectations and uncertainty, albeit to a much lesser extent than the domestic policy changes. … 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 …

expectations and uncertainty, albeit to a much lesser extent than the domestic policy changes. … 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 …

This paper studies a new aspect of firms' expectation formation by asking whether expectations primarily reflect …). First, we show that disaggregate information is strongly associated with expectations even when controlling for aggregate … variance in expectations. Second, we exploit a natural experiment to identify the causal effect of new information on …

This paper studies a new aspect of firms' expectation formation by asking whether expectations primarily reflect …). First, we show that disaggregate information is strongly associated with expectations even when controlling for aggregate … variance in expectations. Second, we exploit a natural experiment to identify the causal effect of new information on …