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The impact of uncertainty shocks on the UK economy

Author: Stéphanie Denis; Prakash Kannan; International Monetary Fund. European Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2013.
Series: IMF working paper, WP/13/66.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
"This paper quantifies the economic impact of uncertainty shocks in the UK using data that span the recent Great Recession. We find that uncertainty shocks have a significant impact on economic activity in the UK, depressing industrial production and GDP. The peak impact is felt fairly quickly at around 6-12 months after the shock, and becomes statistically negligible after 18 months. Interestingly, the impact of  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Stéphanie Denis; Prakash Kannan; International Monetary Fund. European Department.
ISBN: 9781616355623 161635562X
OCLC Number: 830556805
Notes: Title from PDF title page (IMF Web site, viewed Mar. 20, 2013).
"European Department"--Page 2 of pdf.
"March 2013"--Page 2 of pdf.
Description: 1 online resource (24 pages) : color illustrations.
Series Title: IMF working paper, WP/13/66.
Responsibility: Stephanie Denis and Prakash Kannan.

Abstract:

"This paper quantifies the economic impact of uncertainty shocks in the UK using data that span the recent Great Recession. We find that uncertainty shocks have a significant impact on economic activity in the UK, depressing industrial production and GDP. The peak impact is felt fairly quickly at around 6-12 months after the shock, and becomes statistically negligible after 18 months. Interestingly, the impact of uncertainty shocks on industrial production in the UK is strikingly similar to that of the US both in terms of the shape and magnitude of the response. However, unemployment in the UK is less affected by uncertainty shocks. Finally, we find that uncertainty shocks can account for about a quarter of the decline in industrial production during the Great Recession"--Page 2 of pdf.

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