Uncertainty and the Great Slump

Jason Lennard

No 170, Lund Papers in Economic History from Lund University, Department of Economic History

Abstract: This paper investigates the impact of economic policy uncertainty on the macroeconomy of interwar Britain. A new index of economic policy uncertainty constructed from contemporary newspapers indicates that this was a period of great anxiety. Time series evidence suggests that this uncertainty reduced output, raised unemployment and contributed to macroeconomic volatility.

Keywords: business cycles; interwar Britain; local projections; narrative identification; uncertainty (search for similar items in EconPapers)
JEL-codes: E32 E60 N14 N44 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2018-02-01, Revised 2019-05-14
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Related works:
Journal Article: Uncertainty and the Great Slump (2020)
Working Paper: Uncertainty and the Great Slump (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:luekhi:0170

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