Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
Using 100 years of data, we provide a new macroeconomic uncertainty proxy for the US and other 14 major industrial countries. We show macroeconomic uncertainty experiences an overall declining pattern in the century, and the influential political and economic events (two world wars and major recessions) are associated with a dramatic surge in macroeconomic uncertainty. Meanwhile, a global common component plays an important role in driving uncertainty fluctuations across countries.