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- Publications
- Influence
Measuring Economic Policy Uncertainty
- S. R. Baker, N. Bloom, Steven J. Davis
- Economics
- 1 January 2013
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 that… Expand
Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments
- S. R. Baker, N. Bloom
- Economics
- 1 September 2013
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? To… Expand
COVID-Induced Economic Uncertainty
- S. R. Baker, N. Bloom, Steven J. Davis, S. Terry
- Economics
- 1 April 2020
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 market… Expand
How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic
- S. R. Baker, R. Farrokhnia, S. Meyer, M. Pagel, Constantine Yannelis
- Business
- 31 March 2020
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
Debt and the Consumption Response to Household Income Shocks
- S. R. Baker
- Economics
- 20 February 2015
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
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 set… Expand
The Unprecedented Stock Market Impact of COVID-19
- S. R. Baker, N. Bloom, Steven J. Davis, Kyle J Kost, Marco C Sammon, Tasaneeya Viratyosin
- Business
- 1 April 2020
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
Why Has U.S. Policy Uncertainty Risen Since 1960?
- S. R. Baker, N. Bloom, Brandice Canes-Wrone, Steven J. Davis, J. Rodden
- Economics
- 1 January 2014
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
Has Economic Policy Uncertainty Hampered the Recovery?
- S. R. Baker, N. Bloom, Steven J. Davis
- 7 February 2012
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 weak… Expand
Has Economic Policy Uncertainty Hampered the Recovery?
- S. R. Baker, N. Bloom, Steven J. Davis
- Economics
- 3 February 2012
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 weak… Expand