This paper studies the role of confidence in the transmission of uncertainty shocks during U.S. recessions. I use smooth-transition VAR to examine the regime-dependent effect of uncertainty shocks, and a counterfactual decomposition to isolate the role of confidence when the economy is in...

Trust, as an important social capital and informal institution, has profoundly affected transaction behaviors in Chinese second-hand housing market. Based on the second-hand housing transactions of 17 cities from Lianjia database, this paper matches the birthplaces of traders with CESS2000 to...