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Macroeconomic Uncertainty and Sectoral Output Performance: Empirical Evidence from Greece


  • Katrakilidis, Constantinos P.
  • Tabakis, Nikolaos M.


This paper provides an empirical investigation of the links between macroeconomic uncertainty and sectoral output using Greek data. Uncertainty is considered in three distinct components, namely the inflation uncertainty, the exchange rate uncertainty and the output uncertainty. The results highlight the differences in sectoral responsiveness and the importance of a stable macroeconomic environment.

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  • Katrakilidis, Constantinos P. & Tabakis, Nikolaos M., 2004. "Macroeconomic Uncertainty and Sectoral Output Performance: Empirical Evidence from Greece," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 5(1), January.
  • Handle: RePEc:ags:aergaa:26446

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    7. Aymo Brunetti & Beatrice Weder, 1998. "Investment and institutional uncertainty: A comparative study of different uncertainty measures," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(3), pages 513-533, September.
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    9. Ben S. Bernanke, 1983. "Irreversibility, Uncertainty, and Cyclical Investment," The Quarterly Journal of Economics, Oxford University Press, vol. 98(1), pages 85-106.
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    11. John E. Golob, 1994. "Does inflation uncertainty increase with inflation?," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 27-38.
    12. Aizenman, Joshua & Marion, Nancy P. & Marion, Nancy P., 1993. "Macroeconomic uncertainty and private investment," Economics Letters, Elsevier, vol. 41(2), pages 207-210.
    13. Chou, Ray Yeutien, 1988. "Volatility Persistence and Stock Valuations: Some Empirical Evidence Using Garch," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 3(4), pages 279-294, October-D.
    14. Ball, Laurence, 1992. "Why does high inflation raise inflation uncertainty?," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 371-388, June.
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