Euro and Technology Effects on Job Turnover in Greek Manufacturing
AbstractApplying an open-economy macroeconomic model, incorporating the monetary policy reaction function and uncovering interest parity, this paper finds that the expected real exchange rate and real output exhibit an inverted J-shape relationship, suggesting that expected real depreciation increases real output during 1999.Q2-2001.Q3 whereas expected real appreciation raises output during 2001.Q4-2009.Q1. Other findings show that a higher real financial stock price, a higher world real interest rate, or a lower expected inflation rate would increase real output. Fiscal prudence may be needed as the coefficient of the government borrowing/GDP ratio is insignificant at the 10% level.
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Bibliographic InfoArticle provided by Technological Educational Institute (TEI) of Kavala, Greece in its journal International Journal of Economic Sciences and Applied Research (IJESAR).
Volume (Year): 3 (2010)
Issue (Month): 1 (July)
Expected Real Depreciation or Appreciation; Monetary Policy Reaction Function; Fiscal Policy; Financial Stock Price; Uncovered Interest Parity;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mohsen Bahmani-Oskooee & Ali Kutan, 2008. "Are devaluations contractionary in emerging economies of Eastern Europe?," Economic Change and Restructuring, Springer, vol. 41(1), pages 61-74, March.
- Upadhyaya, Kamal P., 1999. "Currency devaluation, aggregate output, and the long run: an empirical study," Economics Letters, Elsevier, vol. 64(2), pages 197-202, August.
- Mohsen Bahmani-Oskooee & Souphala Chomsisengphet & Magda Kandil, 2002. "Are devaluations contractionary in Asia?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 25(1), pages 69-82, January.
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