A Stochastic Dynamic General Equilibrium Model for Greece
AbstractIn this paper we develop a stochastic dynamic general equilibrium model of the Greek economy, in the real business cycle modelling tradition. Household preferences depend on private and public consumption and leisure. Government finances its investment, consumption and transfer payments by means of a proportional income tax rate. Households buy and sell foreign assets in an international capital market and also receive transfer payments from abroad. The volatility, persistence, and co-movement properties of the business cycle component of the data generated by the model are broadly consistent with the actual behaviour of the corresponding actual data of the Greek economy, in 1960–92. We use the model to investigate the response of major macroeconomic variables to temporary and permanent changes in government policy variables, foreign transfers and the rate of return on foreign assets.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1518.
Date of creation: Nov 1996
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Find related papers by JEL classification:
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- F3 - International Economics - - International Finance
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- Michaelides, Panayotis G. & Papageorgiou, Theofanis & Vouldis, Angelos T., 2013. "Business cycles and economic crisis in Greece (1960–2011): A long run equilibrium analysis in the Eurozone," Economic Modelling, Elsevier, vol. 31(C), pages 804-816.
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- José Mª Martín Moreno & Jesús Ruiz, . "Bienes comerciables y no comerciables en la economía española: Un enfoque de ciclo real," Studies on the Spanish Economy 206, FEDEA.
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