The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic … business cycle fluctuations by using an estimated New Keynesian model featuring policy risk as well as uncertainty about … technology. We directly measure uncertainty from aggregate time series and find considerable evidence of time-varying policy risk …

is found. Third, Global Economic Policy Uncertainty (GEPU) lags in the long term within the interdependencies of CPI as …

The authors study the effects of changes in uncertainty about future fiscal policy on aggregate economic activity … consolidation inevitable, there is considerable uncertainty about the policy mix and timing of such budgetary adjustment. To … evaluate the consequences of this increased uncertainty, the authors first estimate tax and spending processes for the U …