Comparisons of Business Cycles in Greece and the EC: Idiosyncracies and Regularities
AbstractThe paper compares the cyclical behaviour of the Greek economy to that of the other EC economies, using quarterly and annual data since 1960 and the Real Business Cycle model as a theoretical framework. The evidence suggests that there are remarkable similarities in these features despite significant differences in the patterns of fiscal and monetary policies and the terms of trade. We take this evidence to suggest that the propagation mechanism for business cycles in Greece is fairly similar to that in the other EC countries. Hence, the integration of the Greek economy within the EC under a set of uniform institutions and policies should not be a problem as far as the business cycle is concerned.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 809.
Date of creation: Aug 1993
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Find related papers by JEL classification:
- C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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- Michaelides, Panayotis G. & Papageorgiou, Theofanis, 2012. "On the transmission of economic fluctuations from the USA to EU-15 (1960–2011)," Journal of Economics and Business, Elsevier, vol. 64(6), pages 427-438.
- Michael Gail, 1998. "Stylized Facts and International Business Cycles - The German Case," Volkswirtschaftliche DiskussionsbeitrÃ¤ge 69-98, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht, revised 09 Jul 2000.
- Giovanna Segre, 2000. "Foreign Direct Investment and Trade in the EU: Are They Complementary or Substitute in Business Cycles Fluctuations?," CERIS Working Paper 200007, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
- Frenkel, Michael & Nickel, Christiane, 2005. "New European Union members on their way to adopting the Euro: An analysis of macroeconomic disturbances," Global Finance Journal, Elsevier, vol. 15(3), pages 303-320, February.
- Fabrizio Erbetta & Luca Agnello, 2001. "The martingales: theoretical and empirical characteristics," CERIS Working Paper 200107, Institute for Economic Research on Firms and Growth - Moncalieri (TO).
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