Macroeconomic uncertainty and economic performance for Germany

This study Önds that uncertainties in interest rates, commodity prices and money aggregate a§ect economic outcomes for Germany. Both interest rate and monetary policy uncertainty measures are positively correlated with interest rates, while commodity price uncertainty is negatively correlated with the output level. However, uncertainties in exchange rate, price and income do not have a statistically signiÖcant predictive power for income, prices or the interest rate