Does the Fisher Effect Apply in Greece? A Cointegration Analysis
AbstractIn this paper we tried to investigate if the Fisher effect (hypothesis) holds for the Greek economy using recent econometric techniques. The main result of this paper is that the nominal interest rate does not move together with the inflation rate over the long-run which means that the Fisher hypothesis can not be taken as a long-run equilibrium phenomenon in the case of Greece. The implication of this invalidity is that external factors play a direct role in the determination of the domestic nominal interest rate, something which is reasonable for an open economy, as is the Greek economy where there is extensive capital mobility.
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Bibliographic InfoArticle provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.
Volume (Year): 52 (1999)
Issue (Month): 2 ()
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Find related papers by JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
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- Paleologos J. & Georgantelis S., 2002. "Testing the Degree of Openness of the Greek Capital Account: A Cointegration Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 59-70, July-Dece.
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