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The influence of economic policy uncertainty shocks on art market

Emmanuel Abakah, Aviral Tiwari, Emmanuel Kwesi Arthur and Luis Gil-Alana

Applied Economics, 2023, vol. 55, issue 29, 3404-3421

Abstract: We contribute to the literature by studying the impact of economic policy uncertainty shocks on returns in the global art market, the global paintings market and the U.S.A art market from 1998:Q1 to 2018:Q3. Based on the frequency domain Granger causality test and continuous wavelets analysis, the results show that an increase in policy uncertainty shocks significantly reduces returns on art and paintings and that the effect is stronger during extreme volatility periods. Policy implications are derived at the end of the article.

Date: 2023
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DOI: 10.1080/00036846.2022.2114999

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