How Much Does Political Uncertainty Matter? The Case of Louisiana under Huey Long
利用休伊·朗担任路易斯安那州州长和参议员期间的数据，构建股票价格波动和报纸不确定性指数，结合制造业普查就业数据，以密西西比州为对照组，发现政治不确定性对经济没有显著的负面影响。
We study the effect of political uncertainty on economic outcomes using the case of Huey Long's tenure as governor and senator of Louisiana during the Great Depression. Based on primary sources, we construct two well-established measures of uncertainty specifically for Louisiana: stock price volatility and newspaper mentions of terms related to “uncertainty” and the economy. Combining these uncertainty measures with employment data from the Census of Manufactures, we attempt to identify the effects of political uncertainty using the state of Mississippi as a control group. We find little support for a negative effect from political uncertainty in Huey Long's Louisiana.