Since the seminal paper by Bloom ( 2009), many studies have focused on the effects of uncertainty shocks on economic fluctuations (see Castelnuovo ( 2019), for a survey).
Becker and Wayne Gray for important clarifications regarding the NBER-CES Manufacturing Industry Database.
of Economics and Management, Bundeswehr University MunichWe would like to thank three anonymous referees, as well as Angela Abbate, Klaus Adam, Lukas Freund, Matthias Hartmann, Alex Kriwoluzky, Keith Kuester, Ariel Mecikovsky, Gernot Müller, Morten Ravn, Mirko Wiederholt, and audiences at the Universities of Aarhus, Barcelona, Frankfurt, Göttingen, Halle, Heidelberg, Cologne, Lüneburg, Southampton, Toulouse, and Tübingen, as well as at University College London, the CESifo Survey Conference 2016, the CIRET/KOF/RIED WSE Workshop 2015, the Dynare Conference 2016, the ECB, ESSIM 2016, the Frankfurt-Mannheim Workshop 2015, the EU Joint Research Council at Ispra, T2M 2016, the Annual Meeting of the Verein für Socialpolitik 2016, and the Meeting of the Macroeconomic Council of the Verein für Socialpolitik 2017 for helpful comments and suggestions.
