This paper assesses the economics literature on policy uncertainty, addresses puzzles in that literature, and … uncertainty and economic activity, concerns about causal identification remain. However, new empirical measures of uncertainty … allow economists to ask questions with a precision likely to advance enduring debates on sources of uncertainty and their …

This Article develops an analytic framework for understanding the role of uncertainty in regulatory design. It begins … by differentiating between three types of uncertainty: legal uncertainty, factual uncertainty, and uncertainty about the … application of law to fact. This framework highlights the pervasiveness of factual uncertainty and law-fact uncertainty in daily …

literature that, when there is (only) risk type uncertainty, the optimal GR contract with renewal price set at the actuarially … fair price for low risk types provides full insurance against reclassification risk. We develop a model that includes … unpredictable (and unobservable) fluctuations in demand for life insurance as well as changes in risk type (observable) over …

is quite distinct, providing further support that both measures of risk capture different dimensions of uncertainty. In … important risk measures. Using data from the Freedom of the Press annual report to capture how freely the news media can operate … uncertainty index.Using data from eight of the OECD countries and the BRIC countries, we present empirical evidence that the …

uncertainty for 11 advanced nations. These indices exhibit significant independent variation from popular proxies. Using this new … data we control for both first and second moment financial shocks in identifying the real effects of macro uncertainty … macro uncertainty rises during close elections. These are events which are likely to lead to macro uncertainty but are …

measures of uncertainty tend to also capture noise in the reporting system, which has a negative relation with investors …' response to new information. The second explanation is that when investors face high levels of overall uncertainty, earnings … announcements do little to resolve that uncertainty. We provide evidence consistent with the latter explanation. We develop two …

The preliminary evidence in the literature suggests that changes in uncertainty have a role in shaping the U ….S. economic cycle. But what is effectively measured by the different available indicators of uncertainty still remains an … "uncertain" issue. This paper has two aims: (i) to introduce a new uncertainty indicator (GT) based on Internet searches; and (ii …

This article estimates the coefficient of relative risk aversion for 75 countries using data on self-reports of … personal well-being from the 2006 Gallup World Poll. The analysis suggests that the coefficient of relative risk aversion …

The aim of this paper is to investigate the effect of policy uncertainty on firms' investment decisions. We focus on … Spain for the period 1998-2014. To measure policy-related uncertainty, we use a new macroeconomic indicator constructed for … this country. We find strong evidence that policy uncertainty reduces corporate investment. Furthermore, the heterogeneous …