Regime Uncertainty and the Great Recession: A Market Process Approach
24 Pages Posted: 3 Jul 2015 Last revised: 26 Aug 2015
Date Written: July 1, 2015
Regime uncertainty offers a compelling explanation for the slow recovery from the Great Recession in the United States. Market process theory provides a valuable theoretical framework for elaborating and extending the concept of uncertainty in order to generate new insights. One such insight is the asymmetric effect that episodes of regime uncertainty have on small and medium enterprises, which recovered more slowly from the Great Recession.
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