Domestic and Global Uncertainty: A Survey and Some New Results
CESifo, Munich, 2019
CESifo Working Paper No. 7900
This survey features three parts. The first one covers the recent literature on domestic (i.e., country-specific) uncertainty and offers ten main takeaways. The second part reviews contributions on the fast-growing strand of the literature focusing on the macroeconomic effects of uncertainty spillovers and global uncertainty. The last part proposes a novel measure of global financial uncertainty and shows that its unexpected variations are associated to statistically and economically fluctuations of the world business cycle.
Fiscal Policy, Macroeconomics and Growth
Monetary Policy and International Finance