Macromodels for the Greek Economy

Panagiotis E. Petrakis and Pantelis Kostis

Chapter 5 in The Rebirth of the Greek Labor Market, 2014, pp 67-84 from Palgrave Macmillan

Abstract: Abstract Economic models link theories to the actual economy. Their utility is based on the fact they lead to assumptions that, in turn, lead to conclusions and policy suggestions. Our focus in the present chapter is on macroeconomic models, which concern the operation of the Greek economy as a whole rather than that of specific markets or sectors. Such models concern a multi-equation simulation system for a set of endogenous variables underlying the right-hand side of gross domestic product (GDP) identity—that is, the sum of consumption, investment, government spending, exports and imports (which in Greece’s case is negative). In recent years, more and more macroeconomic factors have been taken into consideration owing to increasing disaggregation of the variables. The theoretical background to the equations is reflected in the model’s structure (the relationship between the equations, identities, and endogenous variables).

Keywords: Gross Domestic Product; Monetary Policy; International Monetary Fund; Euro Area; Computable General Equilibrium (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46082-0_5

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DOI: 10.1057/9781137460820_5

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