| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w28024
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| 来源ID | Working Paper 28024
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| Uncertainty and Growth Disasters |
| Boyan Jovanovic; Sai Ma
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| 发表日期 | 2020-11-02
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | This paper documents several facts on the real effects of economic uncertainty. First, higher uncertainty is associated with a more dispersed distribution of output growth. Second, the relation is highly asymmetric: A rise in uncertainty is associated with a sharp decline in the lower tail of the growth distribution whereas it has a much smaller and insignificant impact on its upper tail. Third, the negative response of growth to uncertainty shocks is larger when the equity market is more volatile. We build a model in which growth and uncertainty are both endogenous: rapid adoption of new technology raises economic uncertainty and may cause measured productivity to decline. The equilibrium growth distribution is negatively skewed and higher uncertainty leads to a thicker left tail and to more labor reallocation among jobs and among |
| 主题 | Macroeconomics
; Business Cycles
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| URL | https://www.nber.org/papers/w28024
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585697
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推荐引用方式
GB/T 7714 |
Boyan Jovanovic,Sai Ma. Uncertainty and Growth Disasters. 2020.
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文件名：
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w28024.pdf
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格式：
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Adobe PDF
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