Fig. 7

Responses of clean energy industry returns to one and two standard deviation structural shocks using policy uncertainty components as policy shocks: 2001:01–2018:12. Notes: The figure shows the impulse response functions to one and two standard deviation structural shock, the order of SVAR model is oil supply shocks, aggregated demand shocks, oil specific demand shocks, economic policy uncertainty components and the real stock returns of the clean industry described in the text. The policy uncertainty data is separated according to its four components. Point estimates are reported with one- and two-standard error bands constructed using a recursive-design wild bootstrap