This paper provides empirical evidence on the dynamic effects of uncertainty on firm-level capital accumulation. A … novelty in this paper is that the firm-level uncertainty indicator is motivated and derived from a theoretical model, the …-correction approach is employed. I find a negative effect of uncertainty on capital accumulation, both in the short and the long run. This …

and treated as a random variable by policy makers. The main purpose is to analyze how additional uncertainty about this … response to this tax depends on (i) the attitudes towards risk and (ii) how other policy instruments affect the demand for the …

institutional instability. We investigate the growth effects of institutional quality and instability, using the political risk …, e.g., decomposing the political risk index by using both its constituting components and the results of a principal …

Uncertainty is acknowledged to be a source of economic fluctuations. But, does the type of uncertainty matter for the … economy's response to an uncertainty shock? This paper offers a novel identification strategy to disentangle different types … of uncertainty. It uses machine learning techniques to classify different types of news instead of specifying a set of …

and on the state of nature as well. We allow for coalitions to form both before and after the resolution of uncertainty …

A conditional asset pricing model with risk and uncertainty implies that the time-varying exposures of equity … portfolios to the market and uncertainty factors carry positive risk premiums. The empirical results from the size, book … that equity portfolios that are highly correlated with economic uncertainty proxied by the variance risk premium (VRP …