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Subjective Uncertainty in Firms' Economic Outlook during the COVID-19 Crisis (Japanese)

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  • MORIKAWA Masayuki

Abstract

This study, using data from an original firm survey and government statistics, analyzes firms' subjective uncertainty during the COVID-19 crisis. The contributions to the literature are (1) the measurement of firms' uncertainty in their mid-term economic outlook as subjective confidence intervals, and (2) the comparison of firms' subjective uncertainty in the COVID-19 crisis with that of past shocks including the Global Financial Crisis. The results indicate that firms' subjective uncertainty increased substantially after the outbreak of the COVID-19 pandemic. Compared with the period of the Global Financial Crisis, deterioration of the economic outlook during the COVID-19 crisis was less severe, but the increase in the subjective uncertainty has been far larger, indicating that the COVID-19 crisis can be characterized as a severe uncertainty shock.

Suggested Citation

  • MORIKAWA Masayuki, 2021. "Subjective Uncertainty in Firms' Economic Outlook during the COVID-19 Crisis (Japanese)," Discussion Papers (Japanese) 21024, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:rdpsjp:21024
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