Choi, Sangyup - In: Economics Letters 119 (2013) 2, pp. 216-220
This paper shows that “wait-and-see” dynamics of uncertainty shocks in Bloom (2009) are not necessarily robust over time. Bloom (2009) shows that uncertainty shocks, identified by spikes in stock market volatility from 1962 to 2008, trigger immediate falls in output and employment followed...