Enhanced uncertainty, financial intermediation and macroeconomics

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An increase in uncertainty is an important source of instability to a nation economy. In this project, I have worked on some theoretical studies to investigate how uncertainty affects macroeconomic variables such as GDP. For example, in one paper, I discuss how an enhanced uncertainty affects the economy through reduced financial intermediation. I have also worked on some empirical studies. They clarify how external sources of uncertainty, such as the so-called "Lehman crisis" and fluctuations in the exchange rate, affect the Japanese economy.