Fig. 5.

The Role of News and Uncertainty. Notes: Same as top row of Fig. 4, but contrasting two alternative scenarios. Top row: contrasting the baseline response (red dashed lines) with a scenario in which there is no shock to the news component of TFP (blue dashed dotted). Bottom row: contrasting the baseline response (red dashed lines) with a scenario in which there is no shock to demand uncertainty (blue dashed dotted). (For interpretation of the references to colour in this figure legend, the reader is referred to the web version of this article.)