Measuring business-level expectations and uncertainty: survey evidence and the COVID-19 pandemic

Cheng Chen, Tatsuro Senga, Hongyong Zhang

研究成果: Article査読

抄録

Utilizing a unique firm-level survey in Japan that contains five-bin forecasts for sales, we document three findings. First, firm-level subjective uncertainty is highly and positively related to volatility of past firm growth. Second, there are substantial variations in subjective uncertainty across firms, with a long right tail with extremely high subjective uncertainty. In addition, firms that have exposure to international businesses either through international trade or foreign direct investment have both higher average expected sales and subjective uncertainty. Finally, the sudden escalation of the COVID-19 pandemic in January–February 2020 led to a substantial increase in firms’ subjective uncertainty. Our triple-difference estimation results show that this effect is especially large for firms that have direct exposure to China through international trade and foreign direct investment.

本文言語English
ページ(範囲)509-532
ページ数24
ジャーナルJapanese Economic Review
72
3
DOI
出版ステータスPublished - 2021 7

ASJC Scopus subject areas

  • 経済学、計量経済学

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