Domestic and Global Uncertainty: A Survey and Some New Results

46 Pages Posted: 10 Oct 2019

See all articles by Efrem Castelnuovo

Efrem Castelnuovo

University of Melbourne - Department of Economics

Multiple version iconThere are 3 versions of this paper

Date Written: October 8, 2019

Abstract

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.

Keywords: uncertainty, uncertainty shocks, spillovers, global financial uncertainty, world business cycle

JEL Classification: C22, E32, E52, E62

Suggested Citation

Castelnuovo, Efrem, Domestic and Global Uncertainty: A Survey and Some New Results (October 8, 2019). CAMA Working Paper No. 75/2019. Available at SSRN: https://ssrn.com/abstract=3466512 or http://dx.doi.org/10.2139/ssrn.3466512

Efrem Castelnuovo (Contact Author)

University of Melbourne - Department of Economics ( email )

Melbourne, 3010
Australia

HOME PAGE: http://https://sites.google.com/site/efremcastelnuovo/home

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