originating in credit markets and uncertainty shocks. In the extended set-up financial shocks are even more important and a …

emerging economies. This paper argues that uncertainty about future monetary policy is a separate transmission channel. We … focus on the taper tantrum episode in 2013, a period with an elevated uncertainty about monetary policy, and use a data set … index about monetary policy uncertainty using a list of uncertainty keywords. An advantage of this index is that it reflects …

I construct a novel measure of household uncertainty based on survey data for European countries. I show that household … uncertainty shocks do not universally behave like negative demand shocks. Notably, household uncertainty shocks are largely … average markups along with monetary policy play a role in the transmission of household uncertainty to inflation. These …