Relative Uncertainty of Price and Output in Farm and Nonfarm Sectors

Han Doo-Bong and Dennis Jansen

Journal of Rural Development/Nongchon-Gyeongje, 1992, vol. 15, issue 01

Abstract: Uncertainty about inflation, nonfarm output growth, and farm output growth is analyzed using a multivariate GARCH-M model. The results indicate that the uncertainty affecting the economy is caused by real shocks, and not by nominal shocks. Uncertainty about nonfarm output growth affects both non­farm output growth and the inflation rate. Farm output growth is not affected by uncertainty over nonfarm output growth.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jordng:287682

DOI: 10.22004/ag.econ.287682

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