Steven J Davis

All Publications

• Policy news and stock market volatility JOURNAL OF FINANCIAL ECONOMICS Baker, S. R., Bloom, N., Davis, S. J., Kost, K. 2026; 175

  View details for DOI 10.1016/j.jfineco.2025.104187

  View details for Web of Science ID 001610984900002

• Why working from home varies across countries and people. Proceedings of the National Academy of Sciences of the United States of America Zarate, P., Barrero, J. M., Bloom, N., Davis, S. J., Dolls, M., Aksoy, C. G. 2025; 122 (51): e2529036122

  Abstract

  We investigate why work from home (WFH) rates vary so widely across countries using the Global Survey of Working Arrangements (G-SWA). Conducted in late 2024 and early 2025, G-SWA is the only harmonized international survey of remote work, covering 14,427 full-time, college-educated workers across 37 countries. Our analysis finds that cultural individualism accounts for 29 percent of the cross-country variation in WFH rates-more than any other single factor. Industry structure, population density, and economic development account for smaller shares of the cross-country variation. We conclude with brief remarks on the broader role of culture in shaping the future of work and its implications for labor market policy.

  View details for DOI 10.1073/pnas.2529036122

  View details for PubMedID 41397138

• The global persistence of work from home. Proceedings of the National Academy of Sciences of the United States of America Aksoy, C. G., Barrero, J. M., Bloom, N., Davis, S. J., Dolls, M., Zarate, P. 2025; 122 (27): e2509892122

  Abstract

  Work from home (WFH) surged worldwide during the COVID-19 pandemic, then partially receded as the pandemic subsided. Using our Global Survey of Working Arrangements covering dozens of countries, we find that average WFH rates among college-educated employees stabilized after 2022. The average number of WFH days per week is steady at roughly 1 d per week globally from 2023 through early 2025. Cross-country variation persists: WFH is about twice as common in advanced English-speaking economies as in much of Asia. These results show how the pandemic-driven shift to remote work has persisted and reached a new equilibrium with implications for urban economies, workforce flexibility, and future research on labor markets.

  View details for DOI 10.1073/pnas.2509892122

  View details for PubMedID 40608671

• The (Heterogeneous) Economic Effects of Private Equity Buyouts MANAGEMENT SCIENCE Davis, S. J., Haltiwanger, J., Handley, K., Lipsius, B., Lerner, J., Miranda, J. 2025

  View details for DOI 10.1287/mnsc.2021.03890

  View details for Web of Science ID 001489114600001

• Sticky Wages on the Layoff Margin AMERICAN ECONOMIC REVIEW Davis, S. J., Krolikowski, P. M. 2025; 115 (2): 491-524

  View details for DOI 10.1257/aer.20240309

  View details for Web of Science ID 001433778400004

• 2020 Klein Lecture-Investment and Subjective Uncertainty INTERNATIONAL ECONOMIC REVIEW Bloom, N., Davis, S. J., Foster, L., Ohlmacher, S., Saporta-Eksten, I. 2024

  View details for DOI 10.1111/iere.12709

  View details for Web of Science ID 001227942500001

• Dynamism Diminished: The Role of Housing Markets and Credit Conditions AMERICAN ECONOMIC JOURNAL-MACROECONOMICS Davis, S., Haltiwanger, J. 2024; 16 (2): 29-61

  View details for DOI 10.1257/mac.20190007

  View details for Web of Science ID 001238505000002

• Long Social Distancing JOURNAL OF LABOR ECONOMICS Barrero, J., Bloom, N., Davis, S. J. 2023; 41: S129-S172

  View details for DOI 10.1086/726636

  View details for Web of Science ID 001081998300005

• The Evolution of Work from Home JOURNAL OF ECONOMIC PERSPECTIVES Barrero, J., Bloom, N., Davis, S. J. 2023; 37 (4): 23-50

  View details for DOI 10.1257/jep.37.4.23

  View details for Web of Science ID 001111026100010

• Surveying business uncertainty JOURNAL OF ECONOMETRICS Altig, D., Barrero, J., Bloom, N., Davis, S. J., Meyer, B., Parker, N. 2022; 231 (1): 282-303

  View details for DOI 10.1016/j.jeconom.2020.03.021

  View details for Web of Science ID 000864602300015

• Pandemic-Era Uncertainty JOURNAL OF RISK AND FINANCIAL MANAGEMENT Meyer, B., Mihaylov, E., Maria Barrero, J., Davis, S. J., Altig, D., Bloom, N. 2022; 15 (8)

  View details for DOI 10.3390/jrfm15080338

  View details for Web of Science ID 000846627300001

• COVID-19 Is a Persistent Reallocation Shock Barrero, J., Bloom, N., Davis, S. J., Meyer, B. H. AMER ECONOMIC ASSOC. 2021: 287-291

  View details for DOI 10.1257/pandp.20211110

  View details for Web of Science ID 000655908100054

• COVID-19 Shifted Patent Applications toward Technologies That Support Working from Home Bloom, N., Davis, S. J., Zhestkova, Y. AMER ECONOMIC ASSOC. 2021: 263-266

  View details for DOI 10.1257/pandp.20211057

  View details for Web of Science ID 000655908100049

• What to Expect in the Wake of the 2020 U.S. Elections SEOUL JOURNAL OF ECONOMICS Davis, S. J. 2021; 34 (1): 17-25

  View details for DOI 10.22904/sje.2021.34.1.002

  View details for Web of Science ID 000626992400002

• The Unprecedented Stock Market Reaction to COVID-19 REVIEW OF ASSET PRICING STUDIES Baker, S. R., Bloom, N., Davis, S. J., Kost, K., Sammon, M., Viratyosin, T. 2020; 10 (4): 742–58

  View details for DOI 10.1093/rapstu/raaa008

  View details for Web of Science ID 000595485100008

• Economic Uncertainty Before and During the COVID-19 Pandemic. Journal of public economics Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., Davis, S. J., Leather, J., Meyer, B., Mihaylov, E., Mizen, P., Parker, N., Renault, T., Smietanka, P., Thwaites, G. 2020: 104274

  Abstract

  We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based policy uncertainty, twitter chatter about economic uncertainty, subjective uncertainty about business growth, forecaster disagreement about future GDP growth, and a model-based measure of macro uncertainty. Four results emerge. First, all indicators show huge uncertainty jumps in reaction to the pandemic and its economic fallout. Indeed, most indicators reach their highest values on record. Second, peak amplitudes differ greatly - from a 35% rise for the model-based measure of US economic uncertainty (relative to January 2020) to a 20-fold rise in forecaster disagreement about UK growth. Third, time paths also differ: Implied volatility rose rapidly from late February, peaked in mid-March, and fell back by late March as stock prices began to recover. In contrast, broader measures of uncertainty peaked later and then plateaued, as job losses mounted, highlighting differences between Wall Street and Main Street uncertainty measures. Fourth, in Cholesky-identified VAR models fit to monthly U.S. data, a COVID-size uncertainty shock foreshadows peak drops in industrial production of 12-19%.

  View details for DOI 10.1016/j.jpubeco.2020.104274

  View details for PubMedID 32921841

• COVID-19 Is Also a Reallocation Shock BROOKINGS PAPERS ON ECONOMIC ACTIVITY Barrero, J., Bloom, N., Davis, S. J. 2020: 329–71

  View details for DOI 10.1353/eca.2020.0012

  View details for Web of Science ID 000639606200012

• Measuring Economic Policy Uncertainty QUARTERLY JOURNAL OF ECONOMICS Baker, S. R., Bloom, N., Davis, S. J. 2016; 131 (4): 1593-1636

  View details for DOI 10.1093/qje/qjw024

  View details for Web of Science ID 000388576700001

• Why Has US Policy Uncertainty Risen Since 1960? AMERICAN ECONOMIC REVIEW Baker, S. R., Bloom, N., Canes-Wrone, B., Davis, S. J., Rodden, J. 2014; 104 (5): 56-60

  View details for DOI 10.1257/aer.104.5.56

  View details for Web of Science ID 000338925400008

• Uncertainty and the Economy POLICY REVIEW Bloom, N., Davis, S. J. 2012: 3-13

  View details for Web of Science ID 000309851200001