期刊
ECONOMICS LETTERS
卷 155, 期 -, 页码 31-34出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2017.03.016
关键词
Economic uncertainty; Policy uncertainty; Business cycles; Small open economy
类别
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 slightly less than 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 European and German indices, also generate effects that peak with a one-quarter delay. (C) 2017 Elsevier B.V. All rights reserved.
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