We study the impact of regional and sectoral productivity changes on the U.S. economy. To that end, we consider an … environment that captures the effects of interregional and intersectoral trade in propagating disaggregated productivity changes … sectoral productivity changes. We fi nd that such elasticities can vary signi cantly depending on the sectors and regions …

domestic firm-level aggregate employment, output, wages and productivity. Consistent with heterogenous firm models where … productivity measures for offshoring firms. These results are consistent across two separate difference-in-differences (DID …

We identify the relative importance of changes in the conditional variance of fundamentals (which we call "uncertainty …") and changes in risk aversion ("risk" for short) in the determination of the term structure, equity prices, and risk … premiums. Theoretically, we introduce persistent time-varying uncertainty about the fundamentals in an external habit model …

We investigate the empirical relationship between company investment and measures of uncertainty, controlling for the … effect of expected future profitability on current investment decisions. We consider three measures of uncertainty derived … for at least four consecutive years between 1982 and 1999. The results show that all three measures of uncertainty are …

This paper proposes a method for constructing a volatility risk premium, or investor risk aversion, index. The method … volatilities results in significant temporal dependencies in the estimated stochastic volatility risk premium, which we in turn … relate to a set of underlying macro-finance state variables. We also find that the extracted volatility risk premium helps …

managers are risk averse, they might underinvest when firm-specific uncertainty increases, leading to suboptimal investment …High-powered incentives may induce higher managerial effort, but they also expose managers to idiosyncratic risk. If … decisions from the perspective of well-diversified shareholders. We empirically document that when idiosyncratic risk rises …

This paper studies the link between rising income uncertainty and household fertility patterns in an Aiyagari …-Bewley-Huggett framework augmented to include fertility decisions and infertility risk. Building on Becker and Tomes (1976), I model fertility … invested toward improving children's quality. The calibrated model is used to quantify the contribution of earnings uncertainty …

essentially unable to explain any effects of sectoral reallocation on aggregate productivity or related quantities (such as the … in this setting are then shown to have first-order effects on aggregate productivity and real wages, and can explain the …