This paper provides a critique of the DSGE models that have come to dominate
macroeconomics during the past quarter-century. It argues that at the heart of the failure …

We examine the impact of government economic policy uncertainty (GEPU) on corporate
innovation and identify a cost-of-capital transmission channel. We find that GEPU increases …

This research examines the relationship between policy uncertainty and mergers and
acquisitions (M&As). We find that policy uncertainty is negatively related to firm …

We construct a new measure of uncertainty about Federal Reserve policy actions and their
consequences, a monetary policy uncertainty (MPU) index. We evaluate the information …

Using a news-based index of policy uncertainty, we document a strong negative relationship
between firm-level capital investment and the aggregate level of uncertainty associated with …

In this study, we examine the effects of geopolitical risk on corporate payout policy.
Exploiting a news-based index of geopolitical risk, we find that firms adopt a more …

This paper designs a quasi-natural experiment for the identification of causal relationships
between economic policy uncertainty and firms' investment-financing decisions using …

The research for which George Akerlof, Michael Spence, and I are being recognized is part
of a larger research program which today embraces a great number of researchers around …

The rapid collapse of socialism has raised new economic policy questions and revived old
theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian …

Because of financial market imperfections, such as those generated by asymmetric
information in financial markets, which lead to breakdowns in markets, like that for equity, in …