find that a one standard deviation shock to macroeconomic uncertainty generates declines in state-level total factor …

oil-price shock and the 9/11 terrorist attack. This paper offers a structural framework to analyze the impact of these … data. The parameterized model is then used to simulate a macro uncertainty shock, which produces a rapid drop and rebound … medium term the increased volatility from the shock induces an overshoot in output, employment and productivity. Thus, second …