Uncertainty and Economic Activity: Evidence from Business Survey Data
---- Acknowledgements -----
We thank seminar participants at the IAB, Université de la Méditerranée Aix-Marseille II, University of Michigan, Midwest Macro Meetings (Lansing), NYU Stern, Rochester, Yale and ZEW Mannheim as well as Robert Barsky, Eduardo Engel, and Giuseppe Moscarini for their comments. We are grateful to Kai Carstensen and Sigrid Stallhofer from the IFO Institute as well as Holly Wade from the NFIB for providing us with their data and introducing us to the institutional backgrounds. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.