Menu Expand

Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory

Cite BOOK

Style

Alexander, V., Demopoulos, G. (1989). Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory. Duncker & Humblot. https://doi.org/10.3790/978-3-428-46607-8
Alexander, Volbert and Demopoulos, George D.. Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory. Duncker & Humblot, 1989. Book. https://doi.org/10.3790/978-3-428-46607-8
Alexander, V and Demopoulos, G (1989): Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory, Duncker & Humblot, [online] https://doi.org/10.3790/978-3-428-46607-8

Format

Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory

Alexander, Volbert | Demopoulos, George D.

Schriften zu internationalen Wirtschaftsfragen, Vol. 10

(1989)

Additional Information

Book Details

Pricing

Table of Contents

Section Title Page Action Price
Preface 5
Contents 7
Chapter One: Introduction 13
Chapter Two: Institutional Arrangements and the Process of Economic Polica-Making in Greece 1953–1983 21
I. Introduction 21
II. The Financial Sector 25
1. The Main Institutional Arrangements 25
a. The Greek Financial Institutions 26
b. The Currency Committee 26
c. The Bank of Greece 27
d. The Capital Market Committee 30
e. Private and State-owned Financial Institutions 31
2. The Period 1953–1963 35
a. Policy Objectives 35
b. Instruments Employed 36
3. The Period 1963–1973 37
a. Policy Objectives 37
b. Instruments Employed 38
4. The Period 1973–1983 40
a. Policy Objectives 40
b. Instruments Employed 43
III. The Public Sector 49
1. The Main Institutional Arrangements 49
2. The Period 1953–1963 56
a. Policy Objectives 56
b. Instruments Employed 57
3. The Period 1963–1973 59
a. Policy Objectives 59
b. Instruments Employed 59
4. The Period 1973–1983 61
a. Policy Objectives 61
b. Instruments Employed 62
IV. Balance of Payments Arrangements 70
1. The Main Institutional Arrangements 70
2. The Period 1953–1963 73
a. Policy Objectives 73
b. Instruments Employed 74
3. The Period 1963–1973 75
a. Policy Objectives 75
b. Instruments Employed 76
4. The Period 1973–1983 79
a. Policy Objectives 79
b. Instruments Employed 79
V. The Real Sector 81
Chapter Three: A Survey of Recent Macroeconomic Studies of the Greek Economy 102
I. Introduction 102
II. Models of the Real Sector of the Economy 102
1. The Model of Garganas 104
2. The Model of Sallas 114
3. The Model of Vernardakis 119
4. The Model of Tsoris 124
III. Integrated Models of the Real and Monetary Sectors 132
1. The Model of Kouzionis 133
2. The Model of Voloudakis, Brissimis, and Leventakis 139
IV. Studies Dealing with Special Macroeconomic Problems 144
1. Analysis of the Special Studies 145
2. Evaluation of the Special Studies 161
V. An Overall Evaluation of the Models Reviewed 163
Chapter Four: A Theoretical Stagflation-Model for Greece 170
I. Basic Characteristics 170
II. The System of Equations 171
1. The Demand Side Specification 171
2. The Analysis of the Supply Side 175
a. The Production Function 175
b. Labor Demand and Supply 177
c. The Energy Market 183
d. The Equilibrium Condition of the Output Market 184
3. Endogenous, Exogenous Variables and Expectations Hypotheses 185
4. Long-Run Implications and Compatibility with Standard Rational Expectations Models 188
IIΙ. Solution of the Model with Adaptive Expectations 194
1. The Output Equation 197
2. The Employment Equation 204
3. The Inflation Rate Equation 208
IV. Solution of the Model with Rational Expectations 208
1. The Output Equation 209
2. The Employment Equation 216
3. The Inflation Rate Equation 217
V. Concluding Remarks 222
Chapter Five: The Emperical Analysis 224
I. Introductory Remarks 224
1. Restrictions 224
2. The Data Problem 228
3. Statistical Procedures 229
4. The Testing Strategy 231
II. Computation of Expected Values 231
1. Exponential Smoothing Procedures 232
2. Expected Values under Rational Expectations 234
ΙII. Empirical Results of the Adaptive Expectations Model 238
1. Output Results 238
2. Employment Results 241
3. Inflation Rate Results 243
IV. Empirical Results of the Rational Expectations Model 248
1. Output Results 248
2. Employment Results 252
3. Inflation Rate Results 255
Chapter Six: Concluding Remarks and Policy Implications 262
I. Discussion of Important Empirical Results 262
II. Policy Implications 266
Appendix I: Construction of Special Variables 271
Appendix II: Data Series 278
1. Series of Actual Data (Growth Rates) 278
2. Series of Expected Variables (Adaptive Expectations) 282
3. Series of Expected Variables (Rational Expectations) 283
4. Data Sources 285
Bibliography 288