Arbeitspapier
The timing of uncertainty shocks in a small open economy
Foreign measures of uncertainty, such as the US EPU index, are often used as a proxies for domestic uncertainty in small open economies. We construct an EPU index for Sweden and demonstrate that shocks to the domestic index yield different impulse response functions for GDP growth than shocks to the US index. In particular, a one standard deviation shock to the Swedish index delivers its maximum impact in the same quarter, lowering GDP growth by 0.2 percentage points. In contrast, a shock to the US index delivers its maximum impact with a one-quarter delay. Other foreign proxies, such as the EU and German indices, also generate effects that peak with a one-quarter delay.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 334
- Klassifikation
-
Wirtschaft
Information, Knowledge, and Uncertainty: General
General Outlook and Conditions
Open Economy Macroeconomics
International Policy Coordination and Transmission
- Thema
-
economic uncertainty
policy uncertainty
business cycles
small open economy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Armelius, Hanna
Hull, Isaiah
Köhler, Hanna Stenbacka
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Armelius, Hanna
- Hull, Isaiah
- Köhler, Hanna Stenbacka
- Sveriges Riksbank
Entstanden
- 2016
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