Papadamou, Stephanos; Siriopoulos, Costas - Volkswirtschaftliche Fakultät, … - 2008
measures of investors’ risk aversion are used: (a) the implied volatility from the Eurostoxx 50 index (VSTOX) and (b) an index … the period January 1999 to August 2007, our results show that a shock in the risk aversion indicator affects negatively … future real activity in the eurozone in a similar way to an exchange rate shock. The ECB reacts significantly to a risk …