Accessible Version
The Fourth SNB-FRB-BIS High-Level Conference on Global Risk, Uncertainty, and Volatility: Risk and Uncertainty in a Post-Pandemic World; Implications for the Economy, Financial Markets, and Monetary Policy, Accessible Data
Figure 1. Policy Uncertainty
This figure shows monthly time series for three uncertainty measures: the U.S economic policy uncertainty index (EPU, the dash dotted blue line), the global economic policy uncertainty index (the dashed black line), and the U.S. Trade policy uncertainty index (TPU, the dashed red line). The sample runs from January 2008 to April 2025. We also include vertical lines for several key episodes where uncertainties were particularly elevated: the global financial crisis in 2008, the onset of the COVID-19 pandemic in 2020, and Russian invasion of Ukraine in 2022, and the U.S. presidential election in November 2024. As we mention in the text, EPU and TPU have been particularly elevated since the 2024 U.S. presidential election.
Note: Monthly data. Last observation is average through April 30, 2025.
Source: Baker, Bloom, and Davis (2016) and Caldara et al. (2020).