不确定性和股票波动的回归.pdf

Flash Economics The return of uncertainty and equity volatility 28 March 2018 - 331 The equity market volatility in the recent period may be explained by the return of uncertainty about:  Growth: what happens to growth when the unemployment rate returns to the level of the structural unemployment rate?  Inflation: is it certain that full employment no longer brings back inflation?  Monetary policies: how do central banks react at full employment without inflation?  Other economic policies: expansionary fiscal policy at full employment in the United States, return of protectionism? It is not surprising that risk perception is rising, and that this multiple uncertainty negatively affects equity markets. Patrick Artus Tel. (33 1) 58 55 15 00 patrick.artus@ @PatrickArtus Ce document est distribué aux Etats-Unis. Merci de lire attentivement lavertissement en fin de document.. Flash Economics Return of equity market volatility Since the