文献类型：期刊文献

英文题名：Visibility graph analysis of economy policy uncertainty indices

作者：Dai, Peng-Fei[1];Xiong, Xiong[1,2];Zhou, Wei-Xing[3,4,5]

机构：[1]Tianjin Univ, Coll Management & Econ, Tianjin 300072, Peoples R China;[2]Tianjin Univ, China Ctr Social Comp & Analyt, Tianjin 300072, Peoples R China;[3]East China Univ Sci & Technol, Dept Finance, Shanghai 200237, Peoples R China;[4]East China Univ Sci & Technol, Res Ctr Econophys, Shanghai 200237, Peoples R China;[5]East China Univ Sci & Technol, Dept Math, Shanghai 200237, Peoples R China

年份：2019

卷号：531

外文期刊名：PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS

收录：;EI(收录号：20192507075962);WOS:【SSCI(收录号:WOS:000482494100052)，SCI-EXPANDED(收录号:WOS:000482494100052)】；

基金：This work was supported by the National Natural Science Foundation of China (Grants No. 71532009, U1811462 and No. 71790594), the Fundamental Research Funds for the Central Universities, China, and Tianjin Development Program for Innovation and Entrepreneurship, China.

语种：英文

外文关键词：Econophysics; Economic policy uncertainty; Complex network; Visibility graph

摘要：Uncertainty plays an important role in the global economy. In this paper, the economic policy uncertainty (EPU) indices of the United States and China are selected as the proxy variable corresponding to the uncertainty of national economic policy. By adopting the visibility graph algorithm, the four economic policy uncertainty indices of the United States and China are mapped into complex networks, and the topological properties of the corresponding networks are studied. The Hurst exponents of all the four indices are within [0.5, 1], which implies that the economic policy uncertainty is persistent. The degree distributions of the EPU networks have power-law tails and thus the networks are scale-free. The average clustering coefficients of the four EPU networks are high and close to each other, while these networks exhibit weak assortative mixing. We also find that the EPU network in United States based on daily data shows the small-world feature since the average shortest path length increases logarithmically with the network size such that L (N) = 0.626 In N+0.405. Our research highlights the possibility to study the EPU from the view angle of complex networks. (C) 2019 Elsevier B.V. All rights reserved.