Public Sector Economics



Economic uncertainty and its impact on the Croatian economy

Petar Sorić*
Ivana Lolić*
Article   |   Year:  2017   |   Pages:  443 - 477   |   Volume:  41   |   Issue:  4
Received:  June 1, 2017   |   Accepted:  October 30, 2017   |   Published online:  December 11, 2017
Download citation       

  1. Ajmi, A. N. [et al.], 2015. Causality between US economic policy and equity market uncertainties: Evidence from linear and nonlinear tests. Journal of Applied Economics, 18(2), pp. 225-246 [CrossRef]

  2. Arčabić, V., 2015. Djelovanje neizvjesnosti na bankarsko tržište u Republici Hrvatskoj. EFZG Working Paper Series, No. 15-03.

  3. Bachmann, R. and Bayer, C., 2013. 'Wait-and-see' business cycles? Journal of Monetary Economics, 60(6), pp. 704-719 [CrossRef]

  4. Bachmann, R., Elstner, S. and Sims, E. R., 2013. Uncertainty and Economic Activity: Evidence from Business Survey Data. American Economic Journal: Macroeconomics, 5(2), pp. 217-249 [CrossRef]

  5. Baker, S., Bloom, N. and Davis, S. J., 2012. Measuring Economic Policy Uncertainty. University of Chicago and Stanford University.

  6. Baker, S., Bloom, N. and Davis, S. J., 2016. Measuring Economic Policy Uncertainty. Quarterly Journal of Economics, 131(4), pp. 1593-1636 [CrossRef]

  7. Bejaković, P., 2009. Tax evasion, state capacity and trust in transitional countries: the case of Croatia. Društvena istraživanja, 18(4-5), pp. 787-805.

  8. Belongia, M. T. and Ireland, P. N., 2016. The evolution of U.S. monetary policy: 2000-2007. Journal of Economic Dynamics and Control, 73(C), pp. 78-93 [CrossRef]

  9. Bernanke, B., 1983. Irreversibility, Uncertainty, and Cyclical Investment. Quarterly Journal of Economics, 98(1), pp. 85-106 [CrossRef]

  10. Bloom, N., 2009. The impact of uncertainty shocks. Econometrica, 77(3), pp. 623-685 [CrossRef]

  11. Bloom, N., 2014. Fluctuations in Uncertainty. Journal of Economic Perspectives, 28(2), pp. 153-176 [CrossRef]

  12. Carroll, C. D., 1992. The buffer stock theory of saving: some macroeconomic evidence. Brookings Papers on Economic Activity, 23(2), pp. 61–155 [CrossRef]

  13. CNB, 2015. Annual Report 2014. Zagreb: Croatian National Bank.

  14. Cogley, T. and Sargent, T. J. 2005. Drifts and Volatilities: Monetary Policies and Outcomes in the Post WWII US. Review of Economic Dynamics, 8 (2), pp. 262-302 [CrossRef]

  15. Čučković, N. and Bartlett, W., 2007. Entrepeneurship and Competitiveness: The Europeanisation of Small and Medium-sized Enterprise Policy in Croatia. Southeast European and Black Sea Studies, 7(1), pp. 37-56 [CrossRef]

  16. De Finetti, B., 1975. Theory of probability, Vol 1. New York: Wiley.

  17. Del Negro, M. and Primiceri, G. E., 2015. Time Varying Structural Vector Autoregressions and Monetary Policy: A Corrigendum. Review of Economic Studies, 82(4), pp. 1342-1345 [CrossRef]

  18. Dumičić, M. and Krznar, I., 2013. Financial Conditions and Economic Activity. CNB Istraživanja, I-40. Zagreb: Croatian National Bank.

  19. European Commission, 2014. The joint harmonised EU programme of business and consumer surveys (user guide). Bruxelles: European Commission.

  20. Fountas, S., Karanasos, M. and Kim, J., 2006. Inflation uncertainty, output growth uncertainty and macroeconomic performance. Oxford Bulletin of Economics and Statistics, 68(3), pp. 319-343 [CrossRef]

  21. Garner, A. C., 1991. Forecasting consumer spending: should economists pay attention to consumer confidence surveys? Federal Reserve Bank of Kansas City Economic Review, May/June, pp. 57–71.

  22. Gemius Audience, 2017. Croatia Domains Reports. Zagreb: Gemius.

  23. Girardi, A. and Reuter, A., 2016. New uncertainty measures for the euro area using survey data. Oxford Economic Papers, 69(1), pp. 278-300 [CrossRef]

  24. Grossarth-Maticek, J. and Mayr, J., 2008. Medienberichte als Konjunkturindikator. Ifo Schnell-dienst, 61, pp. 17–29.

  25. Iselin, D. and Siliverstovs, B., 2013. The R-word index for Switzerland. Applied Economics Letters, 20 (11), pp. 1032-1035 [CrossRef]

  26. Iselin, D. and Siliverstovs, B., 2016. Using newspapers for tracking the business cycle: a comparative study for Germany and Switzerland. Applied Economics, 48(12), pp. 1103-1118 [CrossRef]

  27. Jurado, K., Ludvigson, S. C. and Ng, S., 2015. Measuring Uncertainty. American Economic Review, 105(3), pp. 1177-1216 [CrossRef]

  28. Karnizova, L. and Li, J., 2014. Economic policy uncertainty, financial markets and probability of US recessions. Economics Letters, 125(2), pp. 261-265 [CrossRef]

  29. Knight, F. H., 1921. Risk, Uncertainty, and Profit. Boston, MA: Hart, Schaffner & Marx, Houghton Mifflin Company.

  30. Kramer, M. [et al.], 2008. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence. Journal of Economic Literature, 46(4), pp. 910-945 [CrossRef]

  31. Krüger, F. and Nolte, I., 2016. Disagreement versus uncertainty: Evidence from distribution forecasts. Journal of Banking & Finance, 72 (Supplement), pp. S172-S186 [CrossRef]

  32. Krznar, I. and Kunovac, 2010. Impact of external shocks on domestic inflation and GDP. CNB Working Papers, No. 26. Zagreb: Croatian National Bank.

  33. Krznar, I., 2011. Identifying Recession and Expansion Periods in Croatia. CNB Istraživanja I-32. Zagreb: Croatian National Bank.

  34. Lütkepohl, H. and Krätzig, M., 2004. Applied Time Series Econometrics. Cambridge: Cambridge University Press [CrossRef]

  35. Lütkepohl, H., 2005. New Introduction to Multiple Time Series Analysis. Berlin: Springer-Verlag [CrossRef]

  36. Mačkić, V., 2014. Political budget cycles at the municipal level in Croatia. Financial Theory and Practice, 38(1), pp. 1-35 [CrossRef]

  37. Mihaljek, D., 2009. The Global Financial Crisis and Fiscal Poliy in Central and Eastern Europe: the 2009 Croatian Budget Odyssey. Financial Theory and Practice, 33(3), pp. 239-272.

  38. Primiceri, G. E., 2005. Time Varying Structural Vector Autoregressions and Monetary Policy. Review of Economic Studies, 72(3), pp. 821-852  [CrossRef]

  39. The Economist, 2002. The recession index: Words that can harm you. The Economist, November 21.

  40. Vujčić, B., 2016a. Polugodišnja informacija o financijskom stanju, stupnju ostvarenja stabilnosti cijena i provedbi monetarne politike za drugo polugodište 2015. godine. Sjednica Hrvatskog sabora, 4. 11. 2016.

  41. Vujčić, B., 2016b. Gospodarski izgledi i monetarna politika. 24. savjetovanje Hrvatskog društva ekonomista „Ekonomska politika Hrvatske u 2017. Opatija, 9.11.2016.

  42. Zrinušić, Z. and Vuraić Kudeljan, M., 2016. Porezna reforma. Porezni vjesnik, 12, pp. 26-43.

  December, 2017
In order to give you a better user experience, cookies have been stored on your computer.
Accept cookie     More information