Cesa-Bianchi, Ambrogio; Pesaran, M. Hashem; Rebucci, … - 2018
Measures of economic uncertainty are countercyclical, but economic theory does not provide definite guidance on the … direction of causation between uncertainty and the business cycle. This paper proposes a new multi-country approach to the … analysis of the interaction between uncertainty and economic activity, without a priori restricting the direction of causality …