I’m very happy that our paper “Uncertainty and Change: Survey Evidence of Firms’ Subjective Beliefs,” with Kai Carstensen, Stefan Lautenbacher, @manuelmenkhoff.bsky.social, and Martin Schneider, has now been published in the American Economic Review. www.aeaweb.org/articles?id=...
Uncertainty and Change: Survey Evidence of Firms' Subjective Beliefs
(August 2026) - This paper studies how managers plan under uncertainty. In a new panel survey of German manufacturing firms, we observe both forecasts of sales growth and a quantitative measure of sub...
aeaweb.org