Hidden Bibliographic Details
| Other authors / contributors: | Lombardi, Domenico, author.
International Monetary Fund. Office of the Executive Director for Italy, issuing body.
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| ISBN: | 1283512939
9781283512930
9781451907131
1451907133
1462304427
9781462304424
1452719896
9781452719894
9786613825384
6613825387
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| Notes: | Includes bibliographical references (pages 34-35).
English.
Print version record.
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| Summary: | This study investigates the relationship between uncertainty and investment using U.K. data at different levels of aggregation. Motivated by a comparative econometric analysis using a firm-level panel and aggregate time-series data, we analyze the implications of aggregating nonlinear microeconomic processes. Replicating firm-level evidence that uncertainty influences investment dynamics proves to be challenging. Even using perfectly consistent data sources, this requires both exact aggregation of the underlying micro equations, and controlling for the unobserved influences on investment that are commonly subsumed into time dummies in panel studies. These conditions are unlikely to be satisfied in most aggregate econometric studies.
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| Other form: | Print version: Bond, Stephen. Why is micro evidence on the effects of uncertainty not replicated in macro data? Washington, D.C. : International Monetary Fund, Office of the Executive Director for Italy, ©2005
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