Uncertainty, Financial Frictions, and Investment Dynamics
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https://www.nber.org/papers/w20038
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Micro- and macro-level evidence indicates that fluctuations in idiosyncratic uncertainty have a large effect on investment; the impact of uncertainty on investment occurs primarily through changes in credit spreads; and innovations in credit spreads have a strong effect on investment, irrespective
微观与宏观层面的实证证据表明，异质性不确定性（idiosyncratic uncertainty）的波动对投资具有显著影响；不确定性对投资的影响主要通过信贷利差（credit spreads）的变动传导；而信贷利差新息（innovations）对投资存在强劲影响，无论
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美国国家经济研究局创建时间：
2014-04-01
