The pass-through of uncertainty shocks to households
利用新雇主-雇员匹配数据，研究发现企业层面不确定性上升会降低工人总薪酬（尤其是可变薪酬），进而减少耐用品消费，并加剧低收入者的财务脆弱性。
Using new employer-employee matched data, this paper investigates the impact of uncertainty, as measured by idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers. Increased firm-level uncertainty reduces total compensation, especially variable pay, and workers reduce their durable goods consumption in response. Such shocks also lead to greater financial fragility among lower-income earners. Constructing a new county-level uncertainty shock, we find that local uncertainty shocks reduce county-level durable consumption. Taken together, these findings show that uncertainty shocks can significantly affect local economic activity through households' consumption and savings decisions.