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Economic Policy Uncertainty Shocks and U.S. Overseas Travel

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  • James E. Payne
  • Mert Topcu
  • Massomeh Hajille
  • Farhang Niroomand

Abstract

Unlike previous studies, which find that economic policy uncertainty has an adverse impact on tourism flows, our results from Toda-Yamamoto long-run causality tests reveal the absence of Granger-causality from either U.S. or global economic policy uncertainty indices to U.S. overseas travel. Upon further investigation using generalized impulse response analysis, we discover that unexpected shocks to U.S. and global economic policy uncertainty indices reduce overseas travel with a greater magnitude and longer in duration for the case of a positive shock to global economic policy uncertainty.

Suggested Citation

  • James E. Payne & Mert Topcu & Massomeh Hajille & Farhang Niroomand, 2021. "Economic Policy Uncertainty Shocks and U.S. Overseas Travel," The International Trade Journal, Taylor & Francis Journals, vol. 35(1), pages 115-122, January.
    • Handle: RePEc:taf:uitjxx:v:35:y:2021:i:1:p:115-122
    DOI: 10.1080/08853908.2020.1799887
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    Cited by:

    1. James E Payne & Saban Nazlioglu & Andrea Mervar, 2023. "Economic policy uncertainty and international tourist arrivals: A disaggregated analysis of the Croatian Adriatic coast," Tourism Economics, , vol. 29(4), pages 986-1004, June.

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