impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate … whether uncertainty over future interest rates in the Euro area hampers monetary policy transmission. In this non-linear model … 'play' area. Second, we apply an algorithm describing path-dependent play-hysteresis to estimate investment hysteresis using …

uncertainty spillovers from the Eurozone. The resulting time series serves as a forwardlooking measure of exchange rate … to the exchange rate, the uncertainty and the directional expectations exhibit different dynamic impacts on exports …In light of the recent discussion regarding the measurement of uncertainty and its impact on economic activity, this …

of firm volatility across industries: for example, sunk capital costs, uncertainty about profits and technological change … measure uncertainty about profits and technological change, while the latter enables us to obtain information on the industry …. Our empirical findings show that: (1) industries with higher sunk capital costs and profit uncertainty have significantly …