0599307 20250526123004.620241012235959.9 1803-7070 Prague Czech National Bank 2023 35 s. E Czech National Bank Working Paper Series 16/2023 Economic Policy Uncertainty Reproducibility Reliability cav_un_auth*0440531 Buliskeria Nino UTIA-B Ekonometrie Department of Econometrics E E GE Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0231592 Baxa Jaromír UTIA-B Ekonometrie Department of Econometrics E E Department of Econometrics CZ Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0474627 Šestořád T. CZ https://library.utia.cas.cz/separaty/2024/E/baxa-0599307.pdf GA20-14990S GA ČR cav_un_auth*0397555 The news-based Economic Policy Uncertainty indices (EPU) of Germany, France, and the United Kingdom display discernible trends that can be found neither in other European countries nor in other uncertainty indicators. Therefore, we replicate the EPU index of European countries and show that these trends are sensitive to the rather arbitrary choice of normalizing the raw counts of news related to economic policy uncertainty by the count of all newspaper articles. We show that an alternative normalization by news on economic policy leads to different long-term dynamics with less pronounced trends and markedly lower uncertainty during recent periods of uncertainty such as Brexit or the COVID-19 pandemic. Consequently, our results suggest that the effects of uncertainty related to these events on economic activity may have been overestimated. AH 50000 50200 50202 2025 3 2 O 4 4o 4 20250526122956.6 4 20250526123004.6 RVO:67985556 https://hdl.handle.net/11104/0357082 cav_un_auth*0308136 Univerzita Karlova v Praze, Fakulta sociálních věd FSV UK CZ S 2023 Soubory v repozitáři: 0599307.pdf 2023 Prague Czech National Bank