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Articles

Macroeconomic uncertainty, growth and inflation in the Eurozone: a causal approach

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ABSTRACT

In this article, 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 nonlinear 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.

JEL CLASSIFICATION:

Disclosure statement

No potential conflict of interest was reported by the authors.

Notes

1 All tests evaluate the null hypothesis that no causal relationship exists between the variables under examination.

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