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Uncertainty rises in recessions and falls in booms. But what is the causal relationship? We construct cross-country panel data on stock market returns to proxy for first- and second-moment shocks and instrument these wit...Read more...
Scott R. Baker, Nicholas Bloom and Stephen Terry
1 March 2024
Formal debt financing is an important source of external financing for startups, but creditors face information gaps, as startups lack a proven track record. Felix Bracht, Jeroen Mahieu and Steven Vanhaverbeke argue that...Read more...
Felix Bracht, Jeroen Mahieu and Steven Vanhaverbeke
4 May 2023
Using an event study methodology and comprehensive micro data from the French manufacturing sector, we analyze the local labor market effects of investments in modern manufacturing capital, including modern automation te...Read more...
Philippe Aghion, Celine Antonin, Simon Bunel and Xavier Jaravel
1 May 2023