Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory
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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
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Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory
Alexander, Volbert | Demopoulos, George D.
Schriften zu internationalen Wirtschaftsfragen, Vol. 10
(1989)
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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 |