Before revision:  The decomposed connectedness measures provide timely predictive information for near-future macroeconomic conditions and uncertainty indicators, and they contain additional valuable information that is not included in the aggregate connectedness measure. The role of a positive/negative "fear" transmitter/receiver emerges clearly when we focus more closely on idiosyncratic events for financial institutions. We identify banks that are predominantly positive/negative receivers of "fear", as well as banks that positively/negatively transmit "fear" in the financial system .
After revision:  The decomposed connectedness measures provide timely predictive information for near-future macroeconomic conditions and economic uncertainty, and it can serve as a tool for forward-looking systemic risk monitoring .