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Macro-Governance aspects of monetary policy accomodation under varying regimes: An assessment using greek data


  • Christos F. Stournaras

    (Ministry of Employment and Social Protection, Greece)


This paper has a two-fold orientation: firstly, it examines the linkages and the time-series properties of a set of nominal and real macroeconomic variables in Greece, under different exchnage-rate systems and varying fiscal regimes. Secondly, it makes an effort to evaluate some macro-monetary policy had been used to accommodate foreign disturbances and fiscal policy chnages. Concerning the former, prices have played a central role between nominal and real variables while verifying evidence in inflation persistence. Regarding the latter, the central bank is primarly monetary-transmission mechanism. In principle, the monetary authorities appear to have engaged in accommodative,and to a lesser extent extent sterilisation, schemes of policy action, notwithstanding the clear tendency towards stsyematic control, thereby suggesting consistency with the conventional priors of policy-competence hypothesis.

Suggested Citation

  • Christos F. Stournaras, 2009. "Macro-Governance aspects of monetary policy accomodation under varying regimes: An assessment using greek data," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 12(1), pages 11-36, Summer.
  • Handle: RePEc:ekn:ekonom:v:12:y:2009:i:1:p:11-36

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    JEL classification:

    • C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F0 - International Economics - - General
    • H5 - Public Economics - - National Government Expenditures and Related Policies


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