inflation; stock market; Greece; volatility; vector autoregressive; impulse response

Adam, K., & Billi, R. M. (2004). Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.437141 Aliu, F., Hašková, S., & Bajra, U. Q. (2022). Consequences of Russian invasion on Ukraine: evidence from foreign exchange rates. The Journal of Risk Finance, 24(1), 40–58. https://doi.org/10.1108/jrf-05-2022-0127 Apergis, N., & Eleftheriou, S. (2002). Interest rates, inflation, and stock prices: The case of the Athens Stock Exchange. Journal of Policy Modeling, 24(3): 231–236. https://doi.org/10.1016/S0161-8938(02)00105-9 Barton, B. H. (2010). The Theory. In: The Lawyer-Judge Bias in the American Legal System. Cambridge University Press. pp. 21–38. Baker, S., Bloom, N., Davis, S., et al. (2020). COVID-Induced Economic Uncertainty. National Bureau of Economic Research. https://doi.org/10.3386/w26983 Bali, T. G., Brown, S. J., & Tang, Y. (2017). Is economic uncertainty priced in the cross-section of stock returns? Journal of Financial Economics, 126(3), 471–489. https://doi.org/10.1016/j.jfineco.2017.09.005 Benchimol, J., Saadon, Y., & Segev, N. (2023). Stock market reactions to monetary policy surprises under uncertainty. International Review of Financial Analysis, 89, 102783. https://doi.org/10.1016/j.irfa.2023.102783 Białkowski, J., Dang, H. D., & Wei, X. (2022). High policy uncertainty and low implied market volatility: An academic puzzle? Journal of Financial Economics, 143(3), 1185–1208. https://doi.org/10.1016/j.jfineco.2021.05.011 Bouri, E., Jain, A., Biswal, P. C., et al. (2017). Cointegration and nonlinear causality amongst gold, oil, and the Indian stock market: Evidence from implied volatility indices. Resources Policy, 52, 201–206. https://doi.org/10.1016/j.resourpol.2017.03.003 Bouri, E., Nekhili, R., Kinateder, H., et al. (2023). Expected inflation and U.S. stock sector indices: A dynamic time-scale tale from inflationary and deflationary crisis periods. Finance Research Letters, 55, 103845. https://doi.org/10.1016/j.frl.2023.103845 Časta, M. (2023). Inflation, interest rates and the predictability of stock returns. Finance Research Letters, 58, 104380. https://doi.org/10.1016/j.frl.2023.104380 Cavallo, A. (2020). Inflation with Covid Consumption Baskets Alberto Cavallo Working Paper 27352. https://www.nber.org/system/files/working_papers/w27352/w27352.pdf (accessed on 25 March 2024). Cheema, M. A., Faff, R., & Szulczyk, K. R. (2022). The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets? International Review of Financial Analysis, 83, 102316. https://doi.org/10.1016/j.irfa.2022.102316 Chen, C., Liu, L., & Zhao, N. (2020). Fear Sentiment, Uncertainty, and Bitcoin Price Dynamics: The Case of COVID-19. Emerging Markets Finance and Trade, 56(10), 2298–2309. https://doi.org/10.1080/1540496x.2020.1787150 Chiang, T. C. (2023). Real stock market returns and inflation: Evidence from uncertainty hypotheses. Finance Research Letters, 53, 103606. https://doi.org/10.1016/j.frl.2022.103606 Chiang, T. C., & Chen, P. Y. (2023). Inflation risk and stock returns: Evidence from US aggregate and sectoral markets. The North American Journal of Economics and Finance, 68, 101986. https://doi.org/10.1016/j.najef.2023.101986 Çitçi, S. H., & Kaya, H. (2023). Exchange rate uncertainty and the connectedness of inflation. Borsa Istanbul Review, 23(3), 723–735. https://doi.org/10.1016/j.bir.2023.01.009 Danish, Wang, B., & Wang, Z. (2018). Imported technology and CO2 emission in China: Collecting evidence through bound testing and VECM approach. Renewable and Sustainable Energy Reviews, 82, 4204–4214. https://doi.org/10.1016/j.rser.2017.11.002 Dridi, I., & Boughrara, A. (2023). Flexible inflation targeting and stock market volatility: Evidence from emerging market economies. Economic Modelling, 126, 106420. https://doi.org/10.1016/j.econmod.2023.106420 Etokakpan, M. U., Solarin, S. A., Yorucu, V., et al. (2020). Modeling natural gas consumption, capital formation, globalization, CO2 emissions and economic growth nexus in Malaysia: Fresh evidence from combined cointegration and causality analysis. Energy Strategy Reviews, 31, 100526. https://doi.org/10.1016/j.esr.2020.100526 Fama, E. F. & French, K. R. (1988). Dividend yields and expected stock returns. Journal of Financial Economics, 22(1): 3–25. https://doi.org/10.1016/0304-405X(88)90020-7 Faruk, M., Rahman, M., & Hasan, S. (2021). How digital marketing evolved over time: A bibliometric analysis on Scopus database. Heliyon, 7(12), e08603. https://doi.org/10.1016/j.heliyon.2021.e08603 Goodell, J. W., & Huynh, T. L. D. (2020). Did Congress trade ahead? Considering the reaction of US industries to COVID-19. Finance Research Letters, 36, 101578. https://doi.org/10.1016/j.frl.2020.101578 Gopinathan, R., & Durai, S. R. S. (2019). Stock market and macroeconomic variables: new evidence from India. Financial Innovation, 5(1). https://doi.org/10.1186/s40854-019-0145-1 Guo, H., Hung, C. H. D., & Kontonikas, A. (2022). The Fed and the stock market: A tale of sentiment states. Journal of International Money and Finance, 128, 102707. https://doi.org/10.1016/j.jimonfin.2022.102707 Hondroyiannis, G., & Papapetrou, E. (2005). Stock returns and inflation in Greece: A Markov switching approach. Review of Financial Economics, 15(1), 76–94. https://doi.org/10.1016/j.rfe.2005.02.002 Hong, Y., Zhang, R., & Zhang, F. (2024). Time-varying causality impact of economic policy uncertainty on stock market returns: Global evidence from developed and emerging countries. International Review of Financial Analysis, 91, 102991. https://doi.org/10.1016/j.irfa.2023.102991 Höynck, C., & Rossi, L. (2023). The drivers of market-based inflation expectations in the euro area and in the US. Economics Letters, 232, 111323. https://doi.org/10.1016/j.econlet.2023.111323 Huang, S., An, H., Gao, X., et al. (2017). The multiscale impact of exchange rates on the oil-stock nexus: Evidence from China and Russia. Applied Energy, 194, 667–678. https://doi.org/10.1016/j.apenergy.2016.09.052 Hussain, S. M., Ben Omrane, W., & Al-Yahyaee, K. (2020). US macroeconomic news effects around the US and European financial crises: Evidence from Brazilian and Mexican equity indices. Global Finance Journal, 46, 100482. https://doi.org/10.1016/j.gfj.2019.100482 Jiang, T., Liu, T., Tang, K., et al. (2022). Online prices and inflation during the nationwide COVID-19 quarantine period: Evidence from 107 Chinese websites. Finance Research Letters, 49, 103166. https://doi.org/10.1016/j.frl.2022.103166 Karamti, C., & Jeribi, A. (2023). Stock markets from COVID-19 to the Russia–Ukraine crisis: Structural breaks in interactive effects panels. The Journal of Economic Asymmetries, 28, e00340. https://doi.org/10.1016/j.jeca.2023.e00340 Koch, S., & Dimpfl, T. (2023). Attention and retail investor herding in cryptocurrency markets. Finance Research Letters, 51, 103474. https://doi.org/10.1016/j.frl.2022.103474 Kurov, A., & Stan, R. (2018). Monetary policy uncertainty and the market reaction to macroeconomic news. Journal of Banking & Finance, 86, 127–142. https://doi.org/10.1016/j.jbankfin.2017.09.005 Lee, B. S. (2010). Stock returns and inflation revisited: An evaluation of the inflation illusion hypothesis. Journal of Banking & Finance, 34(6), 1257–1273. https://doi.org/10.1016/j.jbankfin.2009.11.023 Li, R., & Su, M. (2017). The Role of Natural Gas and Renewable Energy in Curbing Carbon Emission: Case Study of the United States. Sustainability, 9(4), 600. https://doi.org/10.3390/su9040600 Li, T., Ma, F., Zhang, X., et al. (2020). Economic policy uncertainty and the Chinese stock market volatility: Novel evidence. Economic Modelling, 87, 24–33. https://doi.org/10.1016/j.econmod.2019.07.002 Liu, W., & Garrett, I. (2023). Regime-dependent effects of macroeconomic uncertainty on realized volatility in the U.S. stock market. Economic Modelling, 128, 106483. https://doi.org/10.1016/j.econmod.2023.106483 Long, S., & Guo, J. (2022). Infectious disease equity market volatility, geopolitical risk, speculation, and commodity returns: Comparative analysis of five epidemic outbreaks. Research in International Business and Finance, 62, 101689. https://doi.org/10.1016/j.ribaf.2022.101689 Matar, A., & Bekhet, H. A. (2015) ‘Causal interaction among electricity consumption, financial development, exports and economic growth in Jordan: Dynamic simultaneous equation models’, International Journal of Energy Economics and Policy, 5(4), 955–967. Megaritis, A., Vlastakis, N., & Triantafyllou, A. (2021). Stock market volatility and jumps in times of uncertainty. Journal of International Money and Finance, 113, 102355. https://doi.org/10.1016/j.jimonfin.2021.102355 Nusair, S. A., & Al-Khasawneh, J. A. (2022). Impact of economic policy uncertainty on the stock markets of the G7 Countries: A nonlinear ARDL approach. The Journal of Economic Asymmetries, 26, e00251. https://doi.org/10.1016/j.jeca.2022.e00251 Queku, I. C., Gyedu, S., & Carsamer, E. (2020). Stock prices and macroeconomic information in Ghana: speed of adjustment and bi-causality analysis. International Journal of Emerging Markets, 17(1), 47–70. https://doi.org/10.1108/ijoem-05-2019-0342 Raghutla, C., Sampath, T., & Vadivel, A. (2019). Stock prices, inflation, and output in India: An empirical analysis. Journal of Public Affairs, 20(3). https://doi.org/10.1002/pa.2052 Selmi, R., Hammoudeh, S., Kasmaoui, K., et al. (2022). The dual shocks of the COVID-19 and the oil price collapse: A spark or a setback for the circular economy? Energy Economics, 109, 105913. https://doi.org/10.1016/j.eneco.2022.105913 Selmi, R., Wohar, M., Deisting, F., et al. (2023). Dynamic inflation hedging performance and downside risk: A comparison between Islamic and conventional stock indices. The Quarterly Review of Economics and Finance, 91, 56–67. https://doi.org/10.1016/j.qref.2023.07.006 Shehzad, K., Bilgili, F., Zaman, U., et al. (2021). Is gold favourable than bitcoin during the COVID-19 outbreak? Comparative analysis through wavelet approach. Resources Policy, 73, 102163. https://doi.org/10.1016/j.resourpol.2021.102163 Wang, F., Mbanyele, W., & Muchenje, L. (2022). Economic policy uncertainty and stock liquidity: The mitigating effect of information disclosure. Research in International Business and Finance, 59, 101553. https://doi.org/10.1016/j.ribaf.2021.101553 Wang, N., & You, W. (2023). New insights into the role of global factors in BRICS stock markets: A quantile cointegration approach. Economic Systems, 47(2), 101015. https://doi.org/10.1016/j.ecosys.2022.101015 Zaremba, A., Kizys, R., Aharon, D. Y., et al. (2020). Infected Markets: Novel Coronavirus, Government Interventions, and Stock Return Volatility around the Globe. Finance Research Letters, 35, 101597. https://doi.org/10.1016/j.frl.2020.101597 Zhang, C., Zhou, K., Yang, S., et al. (2017). Exploring the transformation and upgrading of China’s economy using electricity consumption data: A VAR–VEC based model. Physica A: Statistical Mechanics and Its Applications, 473, 144–155. https://doi.org/10.1016/j.physa.2017.01.004 Zhang, Z. (2021). Stock Returns and Inflation Redux: An Explanation from Monetary Policy in Advanced and Emerging Markets. IMF Working Papers, 2021(219), 1. https://doi.org/10.5089/9781513586755.001