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We develop a measure of static misallocation that separates uncertainty from misallocation generated by tax-like distortions. In the Finnish firm-level data, uncertainty accounts for the majority of ex post misallocation and explains a strong decreasing age-dependent trend in it. To understand...
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liquidation costs. In particular, in our model ambiguity aversion is observationally equivalent to increased risk aversion. This …
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Measuring economic uncertainty is crucial for understanding investment decisions by individuals and firms. Macroeconomists increasingly rely on survey data on subjective expectations. An innovative approach to measure aggregate uncertainty exploits the rounding patterns in individuals' responses...
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real economic activity growth, in line with a risk shock. Conversely, a certainty shock (a shock strongly decreasing …
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Previous work suggests a general uncertainty surrounding the migration process acts as a barrier to outmigration. In this paper, we argue that this barrier is exacerbated when relative economic policy uncertainty is higher in the target country and mitigated when relatively higher in the origin...
Persistent link: https://www.econbiz.de/10014232682
In a structural dynamic model that incorporates two broad production sectors with different carbon emissions, we find that climate policy uncertainty (CPU) shocks (i) lower the market value of the highly carbon-emitting sector relative to the low carbon-emitting sector, and (ii) reduce real...
Persistent link: https://www.econbiz.de/10014330990
This paper exploits the diversity of panels at the court of appeals in the state of São Paulo to address the role of career backgrounds and ideology in shaping the response of judicial decisions to a major shift in jurisprudence on drug offenses. The Brazilian constitution reserves 80% of the...
Persistent link: https://www.econbiz.de/10012594625