作者：Piffer, Michele; Podstawski, Maximilian
作者单位：Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Free University of Berlin
摘要：We propose an instrument to identify uncertainty shocks in a proxy structural vector autoregressive model (SVAR). The instrument equals the variations in the price of gold around events associated with unexpected changes in uncertainty. These variations correlate with uncertainty shocks because gold is perceived as a safe haven asset. To control for news-related effects associated with the events we identify uncertainty and news shocks jointly, developing a set-identified proxy SVAR. We find t...
作者：Repetto, Luca
作者单位：Uppsala University
摘要：I exploit a reform that required Italian municipalities to disclose their balance sheets before elections to study whether having more informed voters affects the political budget cycle. Municipal investment in the year before elections is 28.5% higher than in electoral years, and the reform reduced this pre-electoral spending increase by one third. I then study the role of local newspapers in disseminating municipal financial information to voters and find that the effect of the reform is twi...
