Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence
Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence (with Emi Nakamura and Dmitriy Sergeyev)
American Economic Journal: Macroeconomics, 9(1), 1-39, January 2017.
Figure A.1 -- Data and Programs
Major economies experienced large growth-rate and uncertainty shocks during the 20th century. These shocks can help explain the high return on stocks relative to bonds.
