Policy uncertainty in Scandinavian countries
为挪威、丹麦和瑞典三个斯堪的纳维亚小国构建了政策不确定性指数，发现国内外政策不确定性（尤其是美国）会导致这些国家经济收缩，表现为股市和GDP下降以及采购经理指数长期走低。
We measure policy uncertainty for three small open economies and show how policy uncertainty indices can capture important historical events, both local events such as referendums and certain general elections, as well as global events such as financial crises. By employing the methodology of Baker et al. (2016), we construct indices for the three Scandinavian countries: Norway, Denmark and Sweden. We find that increased policy uncertainty both at home and in the world’s largest economy, the US, leads to economic contraction, including a significant decline in stock markets and GDP and a long-lasting reduction in the Scandinavian countries’ Purchasing Managers’ Index.