Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/172971 
Year of Publication: 
2017
Series/Report no.: 
CESifo Working Paper No. 6695
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We develop uncertainty indices for the United States and Australia based on freely accessible, real time Google Trends data. Our Google Trends Uncertainty (GTU) indices are found to be positively correlated to a variety of alternative proxies for uncertainty available for these two countries. VAR investigations document an economically and statistically significant contribution to unemployment dynamics by GTU shocks in the United States. Differently, the contribution of GTU shocks to unemployment dynamics in Australia is found to be much milder and substantially lower than that of monetary policy shocks.
Subjects: 
Google trends uncertainty indices
uncertainty shocks
unemployment dynamics
VAR analysis
JEL: 
C32
E32
E52
Document Type: 
Working Paper
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