In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … dynamic panel including annual data for 119 countries over the period 1970-2010, and also carry out multivariate Granger … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output …

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial … production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times …

and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short …

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper … concludes with an empirical application to consumer price inflation in Germany, France and Italy, and re-examines the extent to … which ‘observed' inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …

predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and procyclical wages after …

restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …

We investigate the international linkages of inflation uncertainty in the G7. In a first step, we document that … inflation uncertainty in the G7 is intertwined. Moreover, the degree of synchronization has increased during the recent two … international shock that drives national inflation uncertainty and which is closely related to oil and commodity price uncertainty …

;Great Moderationquot; can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility … using a balanced panel dataset on German firms that covers 35 years (1971-2005) and about 1,500 firms per year. In contrast … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …

volatility from sectoral shocks, (ii) amplifies both the “granular” and the “network” effects, (iii) alters the identity and …