• Publications
  • Influence
Measuring Economic Policy Uncertainty
We develop a new index of economic policy uncertainty (EPU) based on newspaper coverage frequency. Several types of evidence – including human readings of 12,000 newspaper articles – indicate thatExpand
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Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments
A growing body of evidence suggests that uncertainty is counter cyclical, rising sharply in recessions and falling in booms. But what is the causal relationship between uncertainty and growth? ToExpand
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COVID-Induced Economic Uncertainty
Assessing the economic impact of the COVID-19 pandemic is essential for policymakers, but challenging because the crisis has unfolded with extreme speed. We identify three indicators – stock marketExpand
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How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic
We explore how household consumption responds to epidemics, utilizing transaction-level household financial data to investigate the impact of the COVID-19 virus. As the number of cases grew,Expand
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Debt and the Consumption Response to Household Income Shocks
This paper exploits a detailed new dataset with comprehensive panel financial information on millions of American households to investigate the interaction between household balance sheets, income,Expand
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Debt and the Response to Household Income Shocks: Validation and Application of Linked Financial Account Data
  • S. R. Baker
  • Economics
  • Journal of Political Economy
  • 5 July 2018
The increasing availability of data derived from linked consumer financial accounts has the potential to dramatically expand the potential for research. Examining the most comprehensive existing setExpand
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The Unprecedented Stock Market Impact of COVID-19
No previous infectious disease outbreak, including the Spanish Flu, has impacted the stock market as forcefully as the COVID-19 pandemic. In fact, previous pandemics left only mild traces on the U.S.Expand
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Why Has U.S. Policy Uncertainty Risen Since 1960?
There appears to be a strong upward drift in policy-related economic uncertainty after 1960. We consider two classes of explanations for this rise. The first stresses growth in government spending,Expand
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Has Economic Policy Uncertainty Hampered the Recovery?
The U.S. economy hit bottom in June 2009. Thirty months later, output growth remains sluggish and unemployment still hovers above 8%. A critical question is why. One view attributes the weakExpand
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Has Economic Policy Uncertainty Hampered the Recovery?
The U.S. economy hit bottom in June 2009. Thirty months later, output growth remains sluggish and unemployment still hovers above 8%. A critical question is why. One view attributes the weakExpand
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