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The effects of Monetary Policy shocks across the Greek Regions

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  • Ageliki Anagnostou

    ()

  • Stephanos Papadamou

Abstract

In this paper, we examine the impact of monetary policy shocks to the real economy by investigating the effects on different regions. Annual data for GDP, employment and investment from 12 regions in Greece are used for the period 1980 to 2009. By using an unrestricted VAR model and the impulse response analysis our results show that an interest rate shock affects the economic activity across regions differently. Furthermore in our investigation, we use a dynamic PANEL VAR model so as to investigate the dynamic variation of the impact of interest rates controlling also for time and cross regions fixed effects associated with specific time invariant regions’ characteristics as well as with time variant characteristics attributed to the integration process of these regions. Therefore, these findings are very important to policy makers.

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File URL: http://www-sre.wu.ac.at/ersa/ersaconfs/ersa12/e120821aFinal00509.pdf
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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa12p507.

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Date of creation: Oct 2012
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Handle: RePEc:wiw:wiwrsa:ersa12p507

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  1. Ber, Hedva & Blass, Asher & Yosha, Oved, 2002. "Monetary Policy in an Open Economy: The Differential Impact on Exporting and Non-Exporting Firms," CEPR Discussion Papers 3191, C.E.P.R. Discussion Papers.
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  16. Angelos A. Antzoulatos & Jiawen Yang, 1994. "Exchange Rate Pass-Through in U.S. Manufacturing Industries: A Demand Side Story," Working Papers 94-08, New York University, Leonard N. Stern School of Business, Department of Economics.
  17. Nicholas Apergis & Anthony Rezitis, 2003. "An examination of Okun's law: evidence from regional areas in Greece," Applied Economics, Taylor & Francis Journals, vol. 35(10), pages 1147-1151.
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Cited by:
  1. Hasan Engin DURAN & Umut ERDEM, 2014. "Regional Effects Of Monetary Policy: Turkey Case," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 14(1), pages 133-144.

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