Uncertainty Business Cycles - Really?
---- Acknowledgements -----
We thank Nick Bloom for his discussion and Dirk Krüger, GiuseppeMoscarini, Gernot Müeller,Matthew Shapiro as well as Eric Sims for their comments. We are grateful to seminar/meeting participants at RWTH Aachen, the ASSA (San Francisco), Bundesbank, CESifoMacro Conference (2010), Cowles Summer Conference (2009), CSEF (Capri), Duke, ESEM (Barcelona), ESSIM 2009, Georgetown, Innsbruck, Konstanz Seminar on Monetary Theory
and Policy, Mainz, Michigan-Ann Arbor, Minneapolis FED, NBER Summer Institute (2009), SED (Istanbul), Universitá Ca'Foscari Venezia, VfS (Magdeburg), Wisconsin-Madison and Zürich for their comments. We thank the staff of the Research Department of Deutsche Bundesbank for their assistance. Special thanks go to Timm Koerting for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.