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No inferential statistics.",142 "units_stated_in_notes": false,143 "standard_errors_description": "none"144 },145 "figures": {146 "uncertainty_shown": "no"147 },148 "conclusion": {149 "bounded_claims": true,150 "policy_implications": false,151 "open_questions": true,152 "restates_contribution": true153 },154 "hedging": {155 "level": "low",156 "typical_devices": [157 "'possibly' for multiplicity of steady states",158 "acknowledging the model is too stylized to calibrate",159 "noting modeling assumptions such as constant markup"160 ]161 },162 "claim_evidence": [163 {164 "claim": "Uncertainty in financial and real sectors spiked jointly in the Great Recession, motivating the question",165 "evidence_type": "prior_literature",166 "evidence_ref": "VIX; Jurado, Ludvigson, and Ng (2015); Bloom et al. (2012)"167 },168 {169 "claim": "Mutual learning creates strategic complementarity in information production between firms and speculators",170 "evidence_type": "equation_or_proof",171 "evidence_ref": "Sections I–II; Appendix B"172 },173 {174 "claim": "General equilibrium model yields amplification, co-movement of uncertainties, contagion and cross-sectional implications",175 "evidence_type": "equation_or_proof",176 "evidence_ref": "Section III.C; Figures 2–4"177 },178 {179 "claim": "Dynamic OLG model can have two steady states (uncertainty traps) and a two-stage crisis",180 "evidence_type": "figure",181 "evidence_ref": "Figures 5, 6, 8; Table II"182 }183 ],184 "structural_summary": "The paper opens with stylized facts on joint uncertainty spikes and poses them as research questions. 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