Uncertainty Shocks in a Model of Effective Demand: Reply
针对de Groot等人（2018）的批评，本文证明Basu和Bundick（2017）模型匹配数据的能力不依赖于偏好假设中的渐近线或跨期替代弹性的特定值，即使改用不受批评影响的偏好，关于不确定性冲击传导的结论依然成立。
de Groot, Richter, and Throckmorton, 2018 argue that the model in Basu and Bundick, 2017 can match the empirical evidence only because the model assumes an asymptote in the economy's response to an uncertainty shock. In this Reply, we provide new results showing that our model's ability to match the data does not rely either on assuming preferences that imply an asymptote nor on a particular value of the intertemporal elasticity of substitution. We demonstrate that shifting to preferences that are not vulnerable to the Comment's critique does not change our previous conclusions about the propagation of uncertainty shocks to macroeconomic outcomes.