The Influence of Economic Policy Uncertainty Shocks on Art Market
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Date
2023
Authors
Abakah, Emmanuel Joel Aikins
Tiwari, Aviral Kumar
Arthur, Emmanuel Kwesi
Gil-Alana, Luis Alberiko
Journal Title
Journal ISSN
Volume Title
Publisher
Routlegde Tylor & Francis Group
Abstract
We contribute to the literature by studying the impact of economic policy uncertainty shocks on
returns in the global art market, the global paintings market and the U.S.A art market from 1998:Q1
to 2018:Q3. Based on the frequency domain Granger causality test and continuous wavelets
analysis, the results show that an increase in policy uncertainty shocks significantly reduces returns
on art and paintings and that the effect is stronger during extreme volatility periods. Policy
implications are derived at the end of the article
Description
Article
Keywords
Global and USA art markets, policy uncertainty, global wavelet analysis, painting market returns
Citation
Abakah, E. J. A., Tiwari, A. K., Kwesi Arthur, E., & Gil-Alana, L. A. (2023). The influence of economic policy uncertainty shocks on art market. Applied Economics, 55(29), 3404-3421.