Uncertainty and structural reform in the long run

Michael Ryan

Applied Economics Letters, 2025, vol. 32, issue 11, 1634-1638

Abstract: Recent research suggests that uncertainty has detrimental long-run effects on output. We provide empirical evidence that this is not always the case. We show that uncertainty can have positive long-run effects on output when an uncertainty shock leads to an exchange rate depreciation and structural reform of an economy.

Date: 2025
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DOI: 10.1080/13504851.2024.2308594

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