-specific) uncertainty and offers ten main takeaways. The second part reviews contributions on the fast-growing strand of the literature … focusing on the macroeconomic effects of uncertainty spillovers and global uncertainty. The last part proposes a novel measure … of global financial uncertainty and shows that its unexpected variations are associated to statistically and economically …

We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world … industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence of the Covid-19 … outbreak. We predict the cumulative loss in world output one year after the uncertainty shock due to Covid-19 to be about 14%. …

We estimate a novel measure of global financial uncertainty (GFU) with a dynamic factor framework that jointly models … also unveil the existence of a global finance uncertainty multiplier: the more global financial conditions deteriorate …

We estimate a novel measure of global Önancial uncertainty (GFU) with a dynamic factor framework that jointly models … the existence of a global Önance uncertainty multiplier: the more global Önancial conditions deteriorate after GFU shocks …

real activity to a financial uncertainty shock during and in the aftermath of the great recession. We replicate this … evidence with an estimated DSGE framework featuring a concept of uncertainty comparable to that in our VAR. We then use the … estimated framework to quantify the output loss due to the large uncertainty shock that materialized in 2008Q3. We find such a …