This survey features three parts. The first one reviews the most recent literature on the
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …

ABSTRACT We construct the World Uncertainty Index (WUI) for an unbalanced panel of 143
individual countries on a quarterly basis from 1952. This is the frequency of the word …

Over the last two decades, the unprecedented increase in non-bank financial intermediation,
particularly the rise of open-end mutual funds and exchange-traded funds, accounts for …

We review the literature on uncertainty shocks and business cycle research. First, we
motivate the study of uncertainty shocks by documenting the presence of time-variation in …

In this paper, we explore whether economic uncertainty differently affects the default risk of
Islamic and conventional banks. Using a sample of 568 banks from 20 countries between …

Uncertainty about future policy rates plays a crucial role for the transmission of monetary
policy to financial markets. We demonstrate this using event studies of FOMC …

The economic literature has focused on the role of uncertainty in the real economy,
employing both measures of risk aversion and ambiguity aversion in structural models. In …

We estimate a novel measure of global financial uncertainty (GFU) with a dynamic factor
framework that jointly models global, regional, and country‐specific factors. We quantify the …

This paper studies how managers plan under uncertainty. In a new survey panel on German
manufacturing firms, we show that uncertainty reflects change: Planning incorporates higher …

This paper examines the impact of climate risk on macroeconomic activity for thirty countries
using over a century of panel time series data. The key innovation of our paper is to use a …