Data and Code for: "News Uncertainty in Brexit UK"

Principal Investigator(s):  View help for Principal Investigator(s) Renato Faccini, Danmarks Nationalbank; Edoardo Palombo, Queen Mary University of London

Version:  View help for Version V3

Name File Type Size Last Modified
  Files 07/31/2020 12:18:PM
  OriginalDataFiles 07/31/2020 12:18:PM
ReadMe-Code.pdf application/pdf 163.9 KB 07/31/2020 08:17:AM
ReadMe-Data.pdf application/pdf 104 KB 07/31/2020 08:17:AM
Requirements.txt text/plain 1.4 KB 07/31/2020 08:17:AM

Project Citation: 

Faccini, Renato, and Palombo, Edoardo. Data and Code for: “News Uncertainty in Brexit UK.” Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-05-24. https://doi.org/10.3886/E119681V3

Project Description

Summary:  View help for Summary This folder contains all the necessary code and data for the replication of "News Uncertainty in Brexit UK" by R. Faccini and E. Palombo published in the American Economic Review: Insights.

Abstract
After 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. 

Scope of Project

Subject Terms:  View help for Subject Terms uncertainty; news shocks; heterogenous firms; long-run productivity; survey data
JEL Classification:  View help for JEL Classification
      E22 Investment; Capital; Intangible Capital; Capacity
      E32 Business Fluctuations; Cycles
      E65 Studies of Particular Policy Episodes
Geographic Coverage:  View help for Geographic Coverage United Kingdom
Time Period(s):  View help for Time Period(s) 1/1/2010 – 1/1/2019
Collection Date(s):  View help for Collection Date(s) 8/18/2018 – 4/11/2019
Universe:  View help for Universe UK businesses and UK macroeconomic aggregates
Data Type(s):  View help for Data Type(s) aggregate data; survey data

Methodology

Data Source:  View help for Data Source Decision Maker Panel (DMP), Office for National Statistics (ONS), World Bank Open Data (WBOD)
Unit(s) of Observation:  View help for Unit(s) of Observation UK business with 10 employees or more, Country

Related Publications

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Published Versions

V3 [2021-05-24]

V2 [2020-06-01]

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