Summary of VAR impulse response functions of select macroeconomic variables to a positive shock of inflation expectations (BS_YOY) for individual countries_
| Negative response | Delayed negative response | No significant response | Delayed positive response | Positive response | |
|---|---|---|---|---|---|
| Real Consumption growth (CONS_YOY) | - | - | AT, BE, BG, CZ, ES, FR, GR, HR, HU, IT, LT, LU, NL, PL, PT, RO, SI, SK | - | CY, DE, EE, FI, IE, SE |
| Inflation (PI_YOY) | - | - | NL, SI | CZ, HU, IT | AT, BE, BG, CY, DE, EE, ES, FI, FR, GR, HR, IE, LT, LU, PL, PT, RO, SE, SK |
| Wage growth (WAGES_YOY) | - | ES | AT, BG, CY, CZ, DE, FI, FR, GR, HR, IE, IT, LT, LU, NL, PL, PT, RO, SE, SI, SK | BE | EE, HU |
| Consumer Confidence Index (CCI_YOY) | AT, BE, BG, CY, CZ, DE, ES, FR, GR, HR, HU, IT, LT, LU, PL, PT, RO, SI, SK | FI, NL, SE | IE | - | EE |