developed measures of partisan conflict, geopolitical risks and news-based VIX (NVIX). 5 These authors indicate that although in a general sense uncertainty is defined as the conditional volatility of an unforecastable disturbance, the empirical literature has usually relied on, which in turn can pick up fluctuations that are actually predictable and hence, can erroneously be attributable to uncertainty. Thus, it is important to distinguish between uncertainty in a series and its conditional volatility, i.e., properly measuring uncertainty would require one to remove the forecastable component of the considered series before computing the conditional volatility. In this sense, uncertainty in a series is not necessarily equivalent to the conditional volatility of the raw

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