000			01068nam a22001337a 4500
999			_c518333 _d518333
008			210917b ||||| |||| 00| 0 eng d
100			_aFaccini, Renato Palombo, Edoardo _927375
245			_aNews uncertainty in Brexit United Kingdom
260			_aThe American Economic Review: Insights
300			_a3(2), Jun, 2021: p.149-164
520			_aAfter the Brexit referendum, the behavior of the UK economy defied widespread expectations, as it did not exhibit a V-shaped recession but a slow decline in production. We show that this pattern of propagation arises when uncertainty is about future, rather than current, fundamentals and if the expected duration of uncertainty is sufficiently long. We reach this conclusion within the confines of a heterogeneous firms model featuring news uncertainty rather than conventional uncertainty shocks. In the quantitative analysis, uncertainty is informed by firm-level probability distributions on the expected effect of Brexit on sales. – Reproduced
773			_aThe American Economic Review: Insights
942			_cAR