The Greek Model of the European System of Central Banks Multi-Country Model

Dimitrios Sideris and Nicholas Zonzilos ()

No 20, Working Papers from Bank of Greece

Abstract: The present paper presents a quarterly econometric model for the Greek economy, the GR-MCM model. The model has been developed as part of a larger project within the European System of Central Banks (ESCB), the Multi-Country Model (MCM). The model combines short-run Keynesian dynamics determined by demand with a neoclassical steady state driven by supply factors. A well-specified long-run supply side is fully and simultaneously estimated. As far as the econometric methodology is concerned, the equilibrium relationships are estimated using cointegration analysis, whereas the dynamic equations are specified as error correction models. Standard simulations result in plausible short to long-run responses to exogenous shocks, thus indicating that the model can be useful for policy analysis experiments.

Keywords: Econometric Modelling; Cointegration Techniques; Simulation Results (search for similar items in EconPapers)
JEL-codes: C50 E17 (search for similar items in EconPapers)
Pages: 55 pages
Date: 2005-02
New Economics Papers: this item is included in nep-cba, nep-eec and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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