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The impact of nominal and real uncertainty on macroeconomic aggregates in Greece

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  • Heather Gibson

    ()
    (Bank of Greece)

  • hiona Balfousia

    ()
    (Bank of Greece)

Abstract

We examine real uncertainty (measured by the variability of real growth) and whether it impacts on inflation. Additionally, we investigate whether nominal or real uncertainty impact on growth and, if so, in what direction. The results indicate that nominal uncertainty impacted negatively on growth in Greece, especially before euro area entry. The effect of real uncertainty on growth is more mixed, with some evidence that it positively influences growth though only at very short horizons. This effect also seems to have disappeared following euro area entry. Finally, there appears to be no effect of real uncertainty on inflation.

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Bibliographic Info

Article provided by Bank of Greece, Economic Research Department in its journal Economic Bulletin.

Volume (Year): (2010)
Issue (Month): 34 (September)
Pages: 57-71

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Handle: RePEc:bog:econbl:y:2010:i:34:p:57-71

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Web page: http://www.bankofgreece.gr
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Related research

Keywords: uncertainty; growth; inflation;

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References

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Citations

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Cited by:
  1. Costas N. Kanellopoulos, 2012. "The Size and structure of uninsured employment," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 23-41, December.
  2. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 43-54, December.
  3. Papaspyrou Theodoros, 2012. "EMU sustainability and the prospects of peripheral economies," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 7-29, April.
  4. Costas N. Kanellopoulos, 2012. "Employment and worker flows during the financial crisis," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 31-41, April.
  5. Faidon Kalfaoglou, 2012. "Bank capital adequacy framework," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 43-81, April.
  6. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 7-21, December.

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