Measuring Uncertain Economic Conditions: A Survey of Economic Conditions Index, Monetary Conditions Index and Monetary Rules
Mengukur Keadaan Ekonomi Tidak Menentu: Suatu Tinjauan Mengenai Indeks Keadaan Ekonomi, Indeks Keadaan Monetari dan Peraturan Monetari
Uncertain economic conditions refer to the unforeseen upcoming events in the economy. A certain measurement of uncertain economic conditions is necessary to serve as a benchmark to measure the conditions. The objective of this paper is to survey the contemporary theoretical developments of the measurements of uncertain economic conditions, namely economic uncertainty index, monetary conditions index (MCI) and monetary rules. This article also reviews the variants in each theoretical measure of uncertain economic conditions. The survey of the best measure of uncertainty economic conditions may help to contribute to address the economic uncertainties precisely.
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