Uncertainty and the Great Slump

Research output: Contribution to journalArticle


This article investigates the impact of economic policy uncertainty on the British interwar economy. The first type of evidence examined is qualitative. The historical record shows that contemporaries regularly reported the incidence and consequences of major uncertainty shocks. The second type of evidence analysed is quantitative. Based on a new index of economic policy uncertainty constructed from newspapers and vector autoregressions, the results suggest that uncertainty was an important source of economic fluctuations in Britain between the wars.


External organisations
  • London School of Economics and Political Science
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Economic History
  • History
Original languageEnglish
Pages (from-to)844-867
JournalEconomic History Review
Issue number3
Early online date2020 Apr 3
Publication statusPublished - 2020 Jul 15
Publication categoryResearch