A large literature suggests that the expected equity risk premium is countercyclical. Using a variety of different … measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in … which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk …

market set -up that accounts for fundamental uncertainty. Nonetheless, the market is designed so that its total value is …

The current paper broadens the understanding for the role of uncertainty in the context of a macroeconomic environment …. It focuses on the implications of uncertainty shocks on indicators that tend to precede financial crises. In an empirical … analysis we show for a set of four euro area countries that negative uncertainty shocks, while accompanied by favorable effects …

The current paper broadens the understanding of the role played by uncertainty in the context of macroeconomic … fluctuations. It focuses on the implications of uncertainty shocks for indicators that tend to precede financial crises. In an … empirical analysis we show for a set of four euro area countries that negative uncertainty shocks, while boosting economic …

-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 …

This study assesses the impact of Brexit uncertainty on the UK and also on international financial markets, for the … the UK might be negatively affected, one may expect that the (uncertainty about) Brexit does not only have an impact on … the time-varying interactions between UK policy uncertainty, which to a large extent is attributed to Brexit uncertainty …

This paper focuses on the effect of uncertainty as reflected by financial market variables on subjective well … report lower levels of life satisfaction in times of higher uncertainty approximated by stock market volatility. This effect … educated, and live in one of the GIIPS countries of the euro area. Furthermore, higher uncertainty in combination with a …