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The ECB's Policy, the Recovery Fund and the Importance of Trust: The Case of Greece

Vasiliki Dimakopoulou, George Economides and Apostolis Philippopoulos

No 9371, CESifo Working Paper Series from CESifo

Abstract: This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to questions like: What are the effects of these policies and, especially, what are the implications of the fiscal transfers and grants from the Recovery Fund and the quantitative policies of the ECB, like the PEPP, for the Greek economy? Do they help the real economy and, if yes, by how much? What would have happened had these measures not taken? How costly will be the re-emergence of the fear of debt default and risk premia?

Keywords: central banking; fiscal policy; international lending; pandemic (search for similar items in EconPapers)
JEL-codes: E50 E60 F30 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-ban, nep-cba, nep-dge, nep-eec, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_9371

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