Arbeitspapier
The Impact of Aggregate Uncertainty on Firm-Level Uncertainty
We analyse the extent to which firm-level uncertainty is affected by aggregate uncertainty. Firm-level uncertainty is constructed from a large and monthly panel dataset of manufacturing firms. We find that aggregate uncertainty has a positive and robust impact on firm-level uncertainty. This effect holds across different types of domestic and international measures of aggregate uncertainty. However, the size of the impact is heterogeneous and depends on certain firm characteristics and the state of the business cycle. For example, the widely used economic policy uncertainty index matters to all firms’ uncertainty only in recessionary periods, while it is relevant over the entire business cycle only to large firms’ uncertainty.
- Language
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 8934
- Classification
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Wirtschaft
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Business Fluctuations; Cycles
Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- Subject
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firm-level uncertainty
aggregate uncertainty
survey data
- Event
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Geistige Schöpfung
- (who)
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Easaw, Joshy
Grimme, Christian
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and Ifo Institute (CESifo)
- (where)
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Munich
- (when)
-
2021
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Easaw, Joshy
- Grimme, Christian
- Center for Economic Studies and Ifo Institute (CESifo)
Time of origin
- 2021
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