Uncertainty Estimates: Posterior Median (Solid Black Line) and 15%/85% Quantiles (Dotted Lines), with Macro Uncertainty () in the Top Panel and Financial Uncertainty () in the Bottom Panel. The Gray Shading Indicates Periods of NBER Recessions. The Periods Indicated by Black Vertical Lines or Regions Correspond to the Uncertainty Events Highlighted in Bloom (2009). Labels for These Events Are Indicated in Text Horizontally Centered on the Event's Start Date
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