Authors: Joris de Wind, Katarzyna Grabska
Published: September, 2016

For economic forecasting it is important to know how the real economy responds to major events such as the fall of the Soviet Union, the Greek debt crisis, the recent terrorism attacks in Europe, and the Brexit. In addition to potential direct effects, such major events lead to an increase in uncertainty about the economy and consequently firms will postpone their investments. This paper quantifies the economic consequences of the increased uncertainty.

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