“…106), reflecting nonergodic processes (Davidson, 1991), or defined as the unforecastable part of volatility (Jurado, Ludvigson, & Ng, 2015). Studies of institutions and reforms have therefore tended to focus on volatility (for example, Bolen & Williamson, 2019), 2 used small-scale surveys (Borner, Brunetti, & Weder, 1995) or focused on one narrow aspect (such as inflation uncertainty and inflation targeting/ central bank independence; e.g. Boero, Smith, & Wallis, 2008, Lawton & Gallagher, 2020 Fortunately, developments in recent years has meant quantifying uncertainty has improved.…”