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Euro and Technology Effects on Job Turnover in Greek Manufacturing


  • Yu Hsing

    () (Department of Business Administration & Finance, College of Business, Southeastern Louisiana University, Hammond, Louisiana 70403, USA)


Applying an open-economy macroeconomic model, incorporating the monetary policy reaction function and uncovering interest parity, this paper finds that the expected real exchange rate and real output exhibit an inverted J-shape relationship, suggesting that expected real depreciation increases real output during 1999.Q2-2001.Q3 whereas expected real appreciation raises output during 2001.Q4-2009.Q1. Other findings show that a higher real financial stock price, a higher world real interest rate, or a lower expected inflation rate would increase real output. Fiscal prudence may be needed as the coefficient of the government borrowing/GDP ratio is insignificant at the 10% level.

Suggested Citation

  • Yu Hsing, 2010. "Euro and Technology Effects on Job Turnover in Greek Manufacturing," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 3(1), pages 39-47, July.
  • Handle: RePEc:tei:journl:v:3:y:2010:i:1:p:39-47

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    References listed on IDEAS

    1. Mohsen Bahmani-Oskooee & Ali Kutan, 2008. "Are devaluations contractionary in emerging economies of Eastern Europe?," Economic Change and Restructuring, Springer, vol. 41(1), pages 61-74, March.
    2. Mohsen Bahmani-Oskooee & Souphala Chomsisengphet & Magda Kandil, 2002. "Are devaluations contractionary in Asia?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(1), pages 69-82.
    3. Upadhyaya, Kamal P., 1999. "Currency devaluation, aggregate output, and the long run: an empirical study," Economics Letters, Elsevier, vol. 64(2), pages 197-202, August.
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    More about this item


    Expected Real Depreciation or Appreciation; Monetary Policy Reaction Function; Fiscal Policy; Financial Stock Price; Uncovered Interest Parity;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe


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