Macro-Governance aspects of monetary policy accomodation under varying regimes: An assessment using greek data

Christos F. Stournaras
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Christos F. Stournaras: Ministry of Employment and Social Protection, Greece

Ekonomia, 2009, vol. 12, issue 1, 11-36

Abstract: This paper has a two-fold orientation: firstly, it examines the linkages and the time-series properties of a set of nominal and real macroeconomic variables in Greece, under different exchnage-rate systems and varying fiscal regimes. Secondly, it makes an effort to evaluate some macro-monetary policy had been used to accommodate foreign disturbances and fiscal policy chnages. Concerning the former, prices have played a central role between nominal and real variables while verifying evidence in inflation persistence. Regarding the latter, the central bank is primarly monetary-transmission mechanism. In principle, the monetary authorities appear to have engaged in accommodative,and to a lesser extent extent sterilisation, schemes of policy action, notwithstanding the clear tendency towards stsyematic control, thereby suggesting consistency with the conventional priors of policy-competence hypothesis.

JEL-codes: C4 E5 F0 H5 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:ekn:ekonom:v:12:y:2009:i:1:p:11-36

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