'All measures suggest that uncertainty about trade policy has recently shot up to levels not seen since the 1970s.'
Share to twitterPresident Donald Trump signs an executive order at the White House in Washington, D.C., U.S., on Monday, June 24, 2019.
The study of trade, long relegated to second-class status in the field of economics, has now infiltrated the broader macro debate in an unavoidable way. Now that the issue is back at the forefront, the authors try to"fill that gap—developing measures of uncertainty at both the firm and aggregate levels, estimating the effects of these measures on investment, and then interpreting these effects."
"Moreover, such predictions are in line with recent survey evidence that directly asks firms how they reassessed capital expenditure plans in response to higher trade uncertainty," the authors add.
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