美联储：需求冲击与内生不确定性（英文版）

This study examines how fluctuations in firm-level uncertainty arise over the business cycle and how they influence aggregate economic activity. To do so, it develops a general equilibrium incomplete-markets model in which heterogeneous, risk-averse firms face idiosyncratic demand uncertainty and aggregate shocks to consumer credit conditions. A change in aggregate credit affects not only the expected level of firm demand, but also the cross-sectional dispersion of sales per worker by shiftin