| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17495 |
| DP17495 The Effect of Macroeconomic Uncertainty on Firm Decisions | |
| Saten Kumar; Yuriy Gorodnichenko | |
| 发表日期 | 2022-07-23 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Using a new survey of firms in New Zealand, we document how exogenous variation in the macroeconomic uncertainty perceived by firms affects their economic decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of future economic growth to generate exogenous changes in the perceived macroeconomic uncertainty of some firms. The effects on their decisions relative to their initial plans as well as relative to an untreated control group are measured in a follow-up survey six months later. We find that as firms become more uncertain, they reduce their prices, employment, and investment, their sales decline, and they become less likely to invest in new technologies or open new facilities. These ex-post effects of uncertainty are similar to how firms say they would respond to higher uncertainty when asked hypothetical questions. |
| 主题 | Monetary Policy |
| 关键词 | Uncertainty Firm decisions Surveys Randomized control trial |
| URL | https://cepr.org/publications/dp17495 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546590 |
| 推荐引用方式 GB/T 7714 | Saten Kumar,Yuriy Gorodnichenko. DP17495 The Effect of Macroeconomic Uncertainty on Firm Decisions. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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