nature of local political control in the UK from 1993 to 2003. Since local politicians directly control planning regulation … independent retailers between 1998 and 2004 can be attributed to the perverse effect of planning regulation. …

This paper shows that, with (partial) irreversibility, higher uncertainty reduces the impact effect of demand shocks on … investment. Uncertainty increases real option values making firms more cautious when investing or disinvesting. This is confirmed … both numerically for a model with a rich mix of adjustment costs, time-varying uncertainty, and aggregation over investment …

Uncertainty appears to vary strongly over time, temporarily rising by up to 200% around major shocks like the Cuban … Missile crisis, the assassination of JFK and 9/11. This paper offers the first structural framework to analyze uncertainty …. The parameterized model is then used to simulate a macro uncertainty shock, which produces a rapid drop and rebound in …

Uncertainty varies strongly over time, rising by 50% to 100% in recessions and by up to 200% after major economic and … political shocks. This paper shows that higher uncertainty reduces the responsiveness of R&D to changes in business conditions … - a “caution-effect” - making it more persistent over time. Thus, uncertainty will play a critical role in shaping the …

regulation, and not by price differences in line with the hypothesis of ‘regulatory arbitrage’. …

The financial crisis has generated a deep revision of the regulation of securities and derivatives markets. In this … paper, we critically examine the extent to which current reforms, such as the European Market Infrastructure Regulation and … the proposed new Markets in Financial Instruments Directive and Regulation, will expand "public" securities and …