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

  • Heather Gibson

    ()

    (Bank of Greece)

  • hiona Balfousia

    ()

    (Bank of Greece)

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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File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull201009.pdf
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Article provided by Bank of Greece 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
Contact details of provider: Web page: http://www.bankofgreece.gr

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