01849cas a2200253 a 4500 AALejournalIMF017875 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484316597 1018-5941 BD-DhAAL BD-DhAAL Ozturk, Ezgi. Measuring Global and Country-Specific Uncertainty / Ezgi Ozturk, Xuguang Simon Sheng. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (41 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Motivated by the literature on the capital asset pricing model, we decompose the uncertainty of a typical forecaster into common and idiosyncratic uncertainty. Using individual survey data from the Consensus Forecasts over the period of 1989-2014, we develop monthly measures of macroeconomic uncertainty covering 45 countries and construct a measure of global uncertainty as the weighted average of country-specific uncertainties. Our measure captures perceived uncertainty of market participants and derives from two components that are shown to exhibit strikingly different behavior. Common uncertainty shocks produce the large and persistent negative response in real economic activity, whereas the contributions of idiosyncratic uncertainty shocks are negligible. Mode of access: Internet Sheng, Xuguang Simon. IMF Working Papers; Working Paper ; No. 2017/219 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/219/001.2017.issue-219-en.xml IMF e-Library