that stochastic technology growth hardly affects the optimal bundle of mitigation and adaptation whereas uncertainty about … that including uncertainty into the model tends to favour (long-lasting) mitigation with respect to (instantaneous …

Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct new empirical measures of … firm-level uncertainty using data from the I/B/E/S and Compustat. These new measures reveal persistent differences in the … degree of uncertainty facing individual firms not reflected by existing measures. Consistent with existing measures, I find …

variables into contributions from country-specific uncertainty and uncertainty common to all countries. We find that the common …

A growing empirical literature has considered the impact of uncertainty using SVAR models that include proxies for … uncertainty shocks as endogenous variables. In this paper we consider the possible impact of measurement error in the uncertainty … uncertainty shock proxy as an instrument to identify the underlying shock does not suffer from this bias. Applying this proxy SVAR …

This paper estimates the impact on the US economy of four types of uncertainty about (i) government spending, (ii) tax … changes, (iii) public debt sustainability and (iv) monetary policy. Following a one standard deviation shock, uncertainty …, consumption and investment after two years around 0.5%, 0.3% and 1.5% respectively. Uncertainty on the other economic policies has …

This paper investigates if the impact of uncertainty shocks on the US economy has changed over time. To this end, we … develop an extended Factor Augmented VAR model that simultaneously allows the estimation of a measure of uncertainty and its … time-varying impact on a range of variables. We find that the impact of uncertainty shocks on real activity and financial …

Financial markets are central to the transmission of uncertainty shocks. This paper documents a new aspect of the … interaction between the two by showing that uncertainty shocks have radically different macroeconomic implications depending on … uncertainty is proxied by the (unobserved) volatility of the structural shocks, and a regime change occurs whenever credit …