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| Author: | Jeong, B. |
| Title: | Policy uncertainty and long-run investment and output across countries |
| Journal: | International Economic Review
2002 : MAY, VOL. 43:2, p. 363-392 |
| Index terms: | Capital investment Foreign investment |
| Language: | eng |
| Abstract: | The author presents a model economy where policy uncertainty creates short-term bias in investment and leads to a higher capital price and lower long-run investment and output. He conducts a calibration exercise using a set of industry-level investment data across countries. Between the lowest-income and the higherst-income countries, policy uncertauínty can account for capital price and investment -level differences by a factor of about 3 and for the output-level difference by a factor of about 2. |
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