Why Has U.S. Policy Uncertainty Risen Since 1960?
Scott Baker (),
Nicholas Bloom (),
Steven Davis () and
Jonathan A. Rodden
No 19826, NBER Working Papers from National Bureau of Economic Research, Inc
There appears to be a strong upward drift in policy-related economic uncertainty after 1960. We consider two classes of explanations for this rise. The first stresses growth in government spending, taxes, and regulation. A second stresses increased political polarization and its implications for the policy-making process and policy choices. While the evidence is inconclusive, it suggests that both factors play a role in driving the secular increase in policy uncertainty over the last half century.
JEL-codes: D7 E02 E6 H11 (search for similar items in EconPapers)
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Note: EFG PE POL
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Published as Scott R. Baker & Nicholas Bloom & Brandice Canes-Wrone & Steven J. Davis & Jonathan Rodden, 2014. "Why Has US Policy Uncertainty Risen since 1960?," American Economic Review, American Economic Association, vol. 104(5), pages 56-60, May.
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