The asymmetric effects of uncertainty on inflation and output growth
基于美国战后数据，研究发现增长不确定性显著降低平均增长率，通胀不确定性则与更低产出增长和平均通胀负相关，且两者对正负冲击的反应不对称。
Abstract We study the effects of growth volatility and inflation volatility on average rates of output growth and inflation for post‐war US data. Our results suggest that increased growth uncertainty is associated with significantly lower average growth, while higher inflation uncertainty is significantly negatively correlated with lower output growth and lower average inflation. Both inflation and growth display evidence of significant asymmetric response to positive and negative shocks of equal magnitude. Copyright © 2004 John Wiley & Sons, Ltd.