Growing green amidst uncertainty: A quantile-on-quantile analysis of green growth under macroeconomic turbulence in the United States.
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This study investigates the nonlinear and quantile-dependent effects of four macroeconomic uncertainty measures [financial market uncertainty (VIX), economic policy uncertainty (EPU), climate policy uncertainty (CPU), and geopolitical risk (GPR)] on novel broad-based green growth index in the U.S. from January 1990 to December 2021. Employing cross-quantilogram and quantile-on-quantile correlation techniques, we find that the correlation and dependence structure between uncertainty and green growth varies significantly across quantiles and time horizons. Financial market uncertainty negatively affects green growth at lower quantiles but positively influences it at median to higher quantiles, while higher VIX quantiles exert a uniformly negative impact. EPU, except at its lowest quantile, consistently undermines green growth at the median and higher quantiles. CPU displays a short-run negative influence on median to higher green growth quantiles, but in the long run, median to higher CPU quantiles become positively associated with mid-level green growth. GPR initially supports green growth at lower quantiles but becomes increasingly detrimental across higher quantiles and over longer horizons. These findings underscore the inadequacy of one-size-fits-all strategies and highlight the need for heterogeneous, uncertainty-specific policy interventions to sustain and enhance green growth trajectories.
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| Status: | przed korektą |
|---|---|
| Praca recenzowana: | nie |
| Rekord utworzony: | 18 czerwca 2026 21:29 |
| Ostatnia aktualizacja: | 18 czerwca 2026 21:29 |