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Stilianos Fountas,Menelaos Karanasos 한국국제경제학회 2008 International Economic Journal Vol.22 No.4
We use a long series of annual data that span over 100 years to examine the relationship between output growth and its uncertainty in ve European countries. Using the GARCH methodology to proxy uncertainty, we obtain two important results. First, more uncertainty about output leads to a higher rate of growth in three of the ve countries. Second, output growth reduces its uncertainty in all countries except one. Our results are robust to alternative speci cations and provide strong support to the recent emphasis by macroeconomists on the joint examination of economic growth and the variability of the business cycle.