Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

This paper presents an innovative method for measuring uncertainty via large language models (LLMs), which offer greater precision and contextual sensitivity than the conventional methods used to construct prominent uncertainty indices. By analysing newspaper texts with state-of-the-art LLMs, our approach captures nuances often missed by conventional methods. We develop indices for various types of uncertainty, including geopolitical risk, economic policy, monetary policy, and financial market uncertainty. Our findings show that shocks to these LLM-based indices exhibit stronger associations with macroeconomic variables, shifts in investor behaviour, and asset return variations than conventional indices, underscoring their potential for more accurately reflecting uncertainty.

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss