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The World Uncertainty Index
Ahir, Hites; Bloom, Nicholas; Furceri, Davide - National Bureau of Economic Research - 2022
We construct the World Uncertainty Index (WUI) for an unbalanced panel of 143 individual countries on a quarterly basis …
Persistent link: https://www.econbiz.de/10012938732
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What Triggers Stock Market Jumps?
Baker, Scott; Bloom, Nicholas; Davis, Steven J.; … - National Bureau of Economic Research - 2021
We examine next-day newspaper accounts of large daily jumps in 16 national stock markets to assess their proximate cause, clarity as to cause, and the geographic source of the market-moving news. Our sample of 6,200 market jumps yields several findings. First, policy news - mainly associated...
Persistent link: https://www.econbiz.de/10012510565
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012479979
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Elections, Political Polarization, and Economic Uncertainty
Baker, Scott R. - 2020
We examine patterns of economic policy uncertainty (EPU) around national elections in 23 countries. Uncertainty shows a clear tendency to rise in the months leading up to elections. Average EPU values are 13% higher in the month of and the month prior to an election than in other months of the...
Persistent link: https://www.econbiz.de/10012482181
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The "Other" Imbalance and the Financial Crisis
Caballero, Ricardo J. - 2010
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10012463014
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The organization of firms across countries
Bloom, Nicholas - 2009
We argue that social capital as proxied by regional trust and the Rule of Law can improve aggregate productivity through facilitating greater firm decentralization. We collect original data on the decentralization of investment, hiring, production and sales decisions from Corporate Head Quarters...
Persistent link: https://www.econbiz.de/10012463521
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Global Imbalances and Financial Fragility
Caballero, Ricardo J. - 2009
behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …
Persistent link: https://www.econbiz.de/10012463959
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Financial Crash, Commodity Prices and Global Imbalances
Caballero, Ricardo J. - 2008
In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply
Persistent link: https://www.econbiz.de/10012464126
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On the Macroeconomics of Asset Shortages
Caballero, Ricardo J. - 2006
The world has a shortage of financial assets. Asset supply is having a hard time keeping up with the global demand for … and deflationary episodes in parts of the world, all fall into place once one adopts this asset shortage perspective …
Persistent link: https://www.econbiz.de/10012465908
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An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Caballero, Ricardo J. - 2006
the world and, b) heterogeneity in these regions' capacity to generate financial assets from real investments. In …
Persistent link: https://www.econbiz.de/10012466674