Does the Fisher Effect Apply in Greece? A Cointegration Analysis
In this paper we tried to investigate if the Fisher effect (hypothesis) holds for the Greek economy using recent econometric techniques. The main result of this paper is that the nominal interest rate does not move together with the inflation rate over the long-run which means that the Fisher hypothesis can not be taken as a long-run equilibrium phenomenon in the case of Greece. The implication of this invalidity is that external factors play a direct role in the determination of the domestic nominal interest rate, something which is reasonable for an open economy, as is the Greek economy where there is extensive capital mobility.
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Volume (Year): 52 (1999)
Issue (Month): 2 ()
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