factor productivity (TFP) in Chinese industries firms. To quantify the effects of volatility and adjustment costs on …

We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 … countries. We elicit subjective probability distributions for future own-firm sales and measure firm-level uncertainty with … new facts. (1) Subjective uncertainty and realized volatility both decline with GDP per capita. (2) Managers underestimate …

systematically associated with growth itself. We find that idiosyncratic risk accounts for about 90% of the overall uncertainty faced …We estimate firm–level idiosyncratic risk in the U.S. manufacturing sector. Our proxy for risk is the volatility of the … by firms. The extent of cross–sectoral variation in idiosyncratic risk is remarkable. Firms in the most volatile sector …

This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies … volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low …, lending support for the real option channel of uncertainty on the dollar exchange rate. These findings are robust to a battery …

In this paper, we study a new channel to explain firms' price setting behavior. We propose that uncertainty about …

We argue that capital misallocation arises endogenously due to incomplete consumption insurance. We model risk …-averse entrepreneurs with heterogeneous productivity who face idiosyncratic output shocks and choose how much capital to rent before … uncertainty unfolds. We show that incomplete markets operate as correlated distortions, leading to a reallocation of capital from …

volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy … larger than aggregate random disturbances, accounting for about 80% of the overall uncertainty faced by plants. The extent of … six times as much idiosyncratic uncertainty as plants in the least volatile. We provide evidence suggesting that …

least three times as much uncertainty as plants in the least volatile. Our evidence indicates that idiosyncratic risk is …"We estimate plant--level idiosyncratic risk in the U.S. manufacturing sector. Our proxy for risk is the volatility of … much larger than aggregate random disturbances, accounting for about 90% of the overall uncertainty faced by plants. The …