An Empirical Analysis of a Reaction-Function Approach to Policymaking in Greece during 1975-1993
AbstractThis paper examines the extent to which the policy instruments of money supply and budget deficit were endoigenous in Greece over the period 1975-1993. It is assumed that the policymaker's objectives are the growth rate of GNP and the balance of payments. The so-called "reaction-function approach" to the interdependence of economy and policy is utilised for this purpose. The empirical analysis is made in terms of a maximum likelihood methodology that reconciles co integration with optimal control techniques. It suggests that only the money-supply instrument has been endogenous in an effort to promote growth and prevent balance-of-trade deterioration.
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Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): I (1998)
Issue (Month): 3 (July - September)
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Web page: http://www.ersj.eu/
Policy Endogeneity; Reaction-Function Approach; Optimal Control; Co integration;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
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- Stamatopoulos T., 2001. "Trade Balance and Exchange-Rate for a Small Open Economy During the EMS: The Hellinic Case 1983:1-1995:12," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 121-140, July - De.
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