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Macroeconomic Uncertainty, Growth and Inflation in the Eurozone: A Causal Approach

Vasilios Plakandaras (), Rangan Gupta (), Periklis Gogas () and Theophilos Papadimitriou ()

No 201737, Working Papers from University of Pretoria, Department of Economics

Abstract: In this paper, we evaluate the causal relationship between macroeconomic uncertainty indices, inflation and growth rate for 17 Eurozone countries on a county level examination. In performing a series of linear and non-linear causality tests we find little evidence of a causal relationship between uncertainty and macroeconomic variables. Thus, macroeconomic analysis based on uncertainty indices should be treated with caution.

Keywords: Output growth; inflation; uncertainty; causality (search for similar items in EconPapers)
JEL-codes: C32 E23 E27 E31 E37 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dcm, nep-eec, nep-gro, nep-mac and nep-mon
Date: 2017-05
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