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product may be unclear because of the inﬂuence of several factors such as the production
Baseline estimates and robustness checks ll
The effect of uncertainty over time
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Abel actual investment American Economic Review Appendix Al.3 Bank of Italy Bologna business cycle Cannari capital stock CEPR Discussion Paper Chiri classiﬁed coefﬁcient column commerciali del credito companies conﬁrm credito tra imprese December deﬁned deﬁnitions deﬂator degree of market demand uncertainty dynamic Econometrics effect of uncertainty effect on investment euro area expected demand explanatory variables ﬁnal ﬁndings ﬁrm’s ﬁrms ﬁrst GAMBACORTA Guiso and Parigi imprese in Italia indicator industry inﬂation inﬂuence investment decisions investment plans investment-uncertainty relationship irreversibility ISTAT Italian Journal of Economics June labour ﬂexibility labour input LIPPI market power measure min-max range monetary policy Mulino Omiccioli eds p-value Panel Data parameter estimates perfect competition planned investments price-cost margin proxy realised investment regressors reports the estimates reversibility risk aversion sample SCHIVARDI sector selection bias signiﬁcant speciﬁcation standard errors sub-samples TD N0 tests total number uncertainty effect uncertainty on investment zero