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- W4387340023 abstract "Abstract In this paper, we study the effects of macroeconomic uncertainty shocks on the US economy in the long-run using an IV-SVAR methodology for the period 1960–2019. Following Piffer and Podstawski (Econ J 128(616):3266–3284, 2018), we use variation in gold prices as an instrument to identify the uncertainty shocks. We find that potential output decreases persistently in response to an uncertainty shock. Furthermore, our study shows that decline in the R &D investments and business dynamism are the two key transmission channels of the uncertainty shocks that generate long lasting effects on the economy." @default.
- W4387340023 created "2023-10-05" @default.
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- W4387340023 date "2023-10-04" @default.
- W4387340023 modified "2023-10-06" @default.
- W4387340023 title "Uncertainty and long-run economy: the role of R &D and business dynamism" @default.
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- W4387340023 doi "https://doi.org/10.1007/s00181-023-02501-y" @default.
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