The State‐Level Impact of Uncertainty Shocks
估计了不确定性冲击对美国各州实际收入增长的影响，发现制造业和建筑业占比高、小企业多、财政赤字大、劳动力市场灵活、住房市场波动大的州收入下降更严重，而矿业占比高和转移支付多的州影响较小。
Abstract This paper estimates the impact of uncertainty shocks on real income growth in U.S. states. Our results suggest that the effect is heterogeneous. The magnitude of the decline in income is largest in states with a large share of manufacturing and construction industries, a larger share of small firms, a high fiscal deficit, a less rigid labor market, and a more volatile housing market. In contrast, a higher share of mining industries and larger intergovernmental fiscal transfers ameliorate the impact of uncertainty.