This paper constructs internationally consistent measures of macroeconomic uncertainty. Our econometric framework extracts uncertainty from revisions in data obtained from standardized national accounts. Applying our model to quarterly post-WWII real-time data, we estimate macroeconomic...

This paper studies the dynamic effects of an uncertainty shock on firm expectations. We conduct a survey that confronts managers from a representative firm sample with a model-consistent uncertainty shock scenario. An exogenous increase in uncertainty significantly reduces managers' expected...

This paper leverages a novel survey among German senior government officials to investigate fiscal responses to monetary policy shocks. Using randomized vignette treatments, we present officials with scenarios of increased government interest costs and analyze their expected fiscal adjustments....

Business Tendency Surveys (BTS) continue to be an important source of timely information on business cycles in many countries. We address quality of economic survey data by uncovering the relation between unit non-response and participant characteristics on company respectively respondent level....

In Switzerland a sudden policy uncertainty shock happened in February 2014 with the close and largely unexpected acceptance of a referendum aiming at limiting free movement of persons. The referendum requires Switzerland to reintroduce annual quotas for immigrants within three years. The...