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Karras, G. Nominal Effects of Fiscal and Monetary Policies in Greece. Credit and Capital Markets – Kredit und Kapital, 25(3), 416-427. https://doi.org/10.3790/ccm.25.3.416
Karras, Georgios "Nominal Effects of Fiscal and Monetary Policies in Greece" Credit and Capital Markets – Kredit und Kapital 25.3, 1992, 416-427. https://doi.org/10.3790/ccm.25.3.416
Karras, Georgios (1992): Nominal Effects of Fiscal and Monetary Policies in Greece, in: Credit and Capital Markets – Kredit und Kapital, vol. 25, iss. 3, 416-427, [online] https://doi.org/10.3790/ccm.25.3.416
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Nominal Effects of Fiscal and Monetary Policies in Greece

Karras, Georgios

Credit and Capital Markets – Kredit und Kapital, Vol. 25 (1992), Iss. 3 : pp. 416–427

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.25.3.416
Language
Multiple languages
Pages
12

Author Details

Georgios Karras, Chicago

References

  1. Bernanke, Ben (1986): “Alternative Explanations of the Money-Income Correlation”, Carnegie-Rochester Conference Series on Public Policy, 25, 49 - 99.  Google Scholar
  2. Blanchard, Olivier J. (1989): “A Traditional Interpretation of Macroeconomic Fluctuations”, American Economic Review, 79, 1146 - 1164. - Blanchard, Olivier J. and @uah, Danny (1989): “The Dynamic Effects of Aggregate Demand and Supply Disturbances”, American Economic Review, 79, 655 - 673.  Google Scholar
  3. Cooley, Thomas F. and Leroy, Stephen F. (1985): “Atheoretical Macroeconomics: A Critique”, Journal of Monetary Economics, 16, 283 - 308.  Google Scholar
  4. Dickey, David A. and Fuller, Wayne A. (1981): “Likelihood Ratio Statistics for Autoregressive Time-series with a Unit Root”, Econometrica, 49, 1057 - 1072.  Google Scholar
  5. Engle, Robert F. and Granger, C. W. J. (1987): “Cointegration and Error Correction: Representation, Estimation, and Testing”, Econometrica, 55, 251 -276.  Google Scholar
  6. Engle, Robert F. and Yoo, Byung Sam (1987): “Forecasting and Testing in Cointegrated Systems”, Journal of Econometrics, 35, 143 - 159.  Google Scholar
  7. Frenkel, Jacob A., and Razin, Assaf (1987): “The Mundell-Fleming Model A Quarter Century Later: A Unified Exposition”, IMF Staff Papers, 567-620.  Google Scholar
  8. Fuller, Wayne A. (1976): Introduction to Statistical Time Series, John Wiley and Sons, New York.  Google Scholar
  9. Granger, C. W. J. (1986): “Developments in the Study of Cointegrated Economic Variables”, Oxford Bulletin of Economics and Statistics, 48, 213 - 228.  Google Scholar
  10. Mundell, Robert A. (1968): International Economics, MacMillan. - OECD (1990): Economic Surveys: Greece, Organization for Economic Co-Operation and Development, Paris.  Google Scholar
  11. Phillips, P. C.B. and Perron, Pierre (1988): “Testing for a Unit Root in Time Series Regression”, Biometrika, 75, 335 - 346.  Google Scholar
  12. Schwert, William G. (1987): “Effects of Model Specification on Tests for Unit Roots in Macroeconomic Data”, Journal of Monetary Economics, 20, 73 - 103.  Google Scholar
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  14. Shapiro, Matthew D. and Watson, Mark W. (1988): “Sources of Business Cycle Fluctuations”, NBER Macroeconomics Annual 1988, 111-148.  Google Scholar
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  16. Blanchard, Olivier J. (1989): “A Traditional Interpretation of Macroeconomic Fluctuations”, American Economic Review, 79, 1146 – 1164. – Blanchard, Olivier J. and @uah, Danny (1989): “The Dynamic Effects of Aggregate Demand and Supply Disturbances”, American Economic Review, 79, 655 – 673.  Google Scholar
  17. Cooley, Thomas F. and Leroy, Stephen F. (1985): “Atheoretical Macroeconomics: A Critique”, Journal of Monetary Economics, 16, 283 – 308.  Google Scholar
  18. Dickey, David A. and Fuller, Wayne A. (1981): “Likelihood Ratio Statistics for Autoregressive Time-series with a Unit Root”, Econometrica, 49, 1057 – 1072.  Google Scholar
  19. Engle, Robert F. and Granger, C. W. J. (1987): “Cointegration and Error Correction: Representation, Estimation, and Testing”, Econometrica, 55, 251 -276.  Google Scholar
  20. Engle, Robert F. and Yoo, Byung Sam (1987): “Forecasting and Testing in Cointegrated Systems”, Journal of Econometrics, 35, 143 – 159.  Google Scholar
  21. Frenkel, Jacob A., and Razin, Assaf (1987): “The Mundell-Fleming Model A Quarter Century Later: A Unified Exposition”, IMF Staff Papers, 567-620.  Google Scholar
  22. Fuller, Wayne A. (1976): Introduction to Statistical Time Series, John Wiley and Sons, New York.  Google Scholar
  23. Granger, C. W. J. (1986): “Developments in the Study of Cointegrated Economic Variables”, Oxford Bulletin of Economics and Statistics, 48, 213 – 228.  Google Scholar
  24. Mundell, Robert A. (1968): International Economics, MacMillan. – OECD (1990): Economic Surveys: Greece, Organization for Economic Co-Operation and Development, Paris.  Google Scholar
  25. Phillips, P. C.B. and Perron, Pierre (1988): “Testing for a Unit Root in Time Series Regression”, Biometrika, 75, 335 – 346.  Google Scholar
  26. Schwert, William G. (1987): “Effects of Model Specification on Tests for Unit Roots in Macroeconomic Data”, Journal of Monetary Economics, 20, 73 – 103.  Google Scholar
  27. Sims, Christopher A. (1980): “Macroeconomics and Reality”, Econometrica, 48, 1-48.  Google Scholar
  28. Shapiro, Matthew D. and Watson, Mark W. (1988): “Sources of Business Cycle Fluctuations”, NBER Macroeconomics Annual 1988, 111-148.  Google Scholar

Abstract

Nominal Effects of Fiscal and Monetary Policies in Greece

This paper investigates the effects of fiscal and monetary policies on the price level and the exchange rate in Greece. Expansionary monetary policies are found to be significantly responsible for inflation and the depreciation of the drachma. Budget deficits have milder inflationary effects and, in the short-run, appreciate the currency. Fiscal expansions are also followed by increases in the money growth, a finding that shows a conflict between monetary and fiscal policies and argues in favor of more independence for the central bank

Table of Contents

Section Title Page Action Price
Georgios Karras: Nominal Effects of Fiscal\rand Monetary Policies in Greece 416
I. Introduction 416
II. Empirical Estimation 417
III. Conclusion 426
References 426
Summary: Nominal Effects of Fiscal and Monetary Policies in Greece 427
Zusammenfassung: Nominale Effekte der griechischen Fiskal- und Geldpolitik 427
Résumé: Effets nominaux des politiques fiscale et monétaire en Grèce 427

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