Fountas-Karatasi-Tzika (FKT) Index of Economic Policy Uncertainty for Greece

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Stilianos Fountas, Panagiota Karatasi and Paraskevi Tzika construct a monthly index of Economic Policy Uncertainty for Greece following the methods described in "Measuring Economic Policy Uncertainty" by Scott Baker, Nick Bloom and Steven J. Davis. Their index reflects article counts in "Kathimerini", a leading daily newspaper in Greece. The index runs from January 1998 to the present.

Fountas et al. query the digital archive of "Kathimerini" to obtain raw EPU article counts. Specifically, for each month they count articles that contain one or more terms in each of the following three term sets:

An asterisk (*) indicates the term set includes all variants of the word in question.

They scale the raw EPU article count for a given month by the newspaper's total article count in the same month. In a final step, they normalize the scaled EPU counts to a mean of 100 from January 1998 to December 2009. For additional information, see their article titled "Economic Policy Uncertainty in Greece: Measuring Uncertainty for the Greek Macroeconomy."