uncertainty is proxied by the (unobserved) volatility of the structural shocks, and a regime change occurs whenever credit …

each and every continent of the world. The economic and financial market response has been equally disastrous and turbulent … with high levels of volatility observed across international financial markets. This study explores the temporal relation … between the observed structural breaks, market volatility and government policy interventions for 28 countries and their …

volatility and economic activity assuming that both variables are driven by the same set of unobserved common factors and that … these factors affect volatility and economic activity with a time lag of at least a quarter. Under these assumptions, the … paper analytically shows that volatility is forward looking and that the output equation of a typical VAR estimated in the …

We develop a dynamic factor model with time-varying parameters and stochastic volatility, estimate it with several … findings, the estimates suggest that global uncertainty plays a primary role in explaining the volatility of inflation …