Similar Search Results

Baker, Scott; Davis, Steven J.; Levy, Jeffrey A. - National Bureau of Economic Research - 2022

We quantify and study state-level economic policy uncertainty. Tapping digital archives for nearly 3,500 local newspapers, we construct three monthly indexes for each state: one that captures state and local sources of policy uncertainty (EPU-S), one that captures national and international...

Persistent link: https://www.econbiz.de/10012938683

Measuring Economic Policy Uncertainty

Baker, Scott R. - 2015

We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence - including human readings of 12,000 newspaper articles - indicate that our index proxies for movements in policy-related economic uncertainty. Our US index spikes near...

Persistent link: https://www.econbiz.de/10012457036

Leveraged Bubbles

Jordà, Òscar - 2015

What risks do asset price bubbles pose for the economy? This paper studies bubbles in housing and equity markets in 17 countries over the past 140 years. History shows that not all bubbles are alike. Some have enormous costs for the economy, while others blow over. We demonstrate that what makes...

Persistent link: https://www.econbiz.de/10012457182

Economic Recovery from the Argentine Great Depression : Institutions, Expectations, and the Change of Macroeconomic Regime

Paolera, Gerardo della - 2000

This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of...

Persistent link: https://www.econbiz.de/10012471138

The Long-Run Effects of Monetary Policy

Jordà, Òscar - 2020

Is the effect of monetary policy on the productive capacity of the economy long lived? Yes, in fact we find such impacts are significant and last for over a decade based on: (1) merged data from two new international historical databases; (2) identification of exogenous monetary policy using the...

Persistent link: https://www.econbiz.de/10012479190

Firm-Level Risk Exposures and Stock Returns in the Wake of COVID-19

Davis, Steven J. - 2020

Firm-level stock returns differ enormously in reaction to COVID-19 news. We characterize these reactions using the Risk … characterizations of risk exposures and outperforming the dictionary approach in goodness-of-fit. By integrating elements of both … approaches, we uncover new risk factors and sharpen our explanations for firm-level returns. To illustrate the broader utility of …

Persistent link: https://www.econbiz.de/10012481171

Longer-run Economic Consequences of Pandemics

Jordà, Òscar - 2020

What are the medium- to long-term effects of pandemics? How do they differ from other economic disasters? We study major pandemics using the rates of return on assets stretching back to the 14th century. Significant macroeconomic after-effects of pandemics persist for about decades, with real...

Persistent link: https://www.econbiz.de/10012481892

The Global 1970s and the Echo of the Great Depression

Taylor, Alan M. - 2009

The Great Depression ushered in a long era of deglobalization that lasted for many decades. An old conventional wisdom (e.g. Polanyi) argues that the common aspect of this shock across all countries, a deep depression, can explain the large and persistent global shift away from orthodox liberal...

Persistent link: https://www.econbiz.de/10012463174

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10012457629

The effects of quasi-random monetary experiments

Jordà, Òscar - 2017

The trilemma of international finance explains why interest rates in countries that fix their exchange rates and allow unfettered cross-border capital flows are largely outside the monetary authority's control. Using historical panel-data since 1870 and using the trilemma mechanism to construct...

Persistent link: https://www.econbiz.de/10012455606