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A Stochastic Dynamic General Equilibrium Model for Greece

Author

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  • Kollintzas, Tryphon
  • Vassilatos, Vanghelis

Abstract

In this paper we develop a stochastic dynamic general equilibrium model of the Greek economy, in the real business cycle modelling tradition. Household preferences depend on private and public consumption and leisure. Government finances its investment, consumption and transfer payments by means of a proportional income tax rate. Households buy and sell foreign assets in an international capital market and also receive transfer payments from abroad. The volatility, persistence, and co-movement properties of the business cycle component of the data generated by the model are broadly consistent with the actual behaviour of the corresponding actual data of the Greek economy, in 1960–92. We use the model to investigate the response of major macroeconomic variables to temporary and permanent changes in government policy variables, foreign transfers and the rate of return on foreign assets.

Suggested Citation

  • Kollintzas, Tryphon & Vassilatos, Vanghelis, 1996. "A Stochastic Dynamic General Equilibrium Model for Greece," CEPR Discussion Papers 1518, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1518
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    Citations

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    Cited by:

    1. Michaelides, Panayotis G. & Papageorgiou, Theofanis & Vouldis, Angelos T., 2013. "Business cycles and economic crisis in Greece (1960–2011): A long run equilibrium analysis in the Eurozone," Economic Modelling, Elsevier, vol. 31(C), pages 804-816.
    2. JosÈ Mô MartÌn Moreno & Jes˙s Ruiz, "undated". "Bienes comerciables y no comerciables en la economÌa espanola: Un enfoque de ciclo real," Studies on the Spanish Economy 206, FEDEA.
    3. Jose Maria Da Rocha & Diego Restuccia, 2002. "Aggregate Employment Fluctuations and Agricultural Share," Working Papers diegor-02-02, University of Toronto, Department of Economics.
    4. Bosworth, Barry & Kollintzas, Tryphon, 2001. "Economic Growth in Greece: Past Performance and Future Prospects," CEPR Discussion Papers 2852, C.E.P.R. Discussion Papers.
    5. Lores, Francisco Xavier, 2001. "Growth and cyclical fluctuations in Spanish macroeconomic series," UC3M Working papers. Economics we014609, Universidad Carlos III de Madrid. Departamento de Economía.
    6. Eduardo L. GimÈnez & JosÈ MarÌa MartÌn-Moreno, "undated". "Title: Monetary shocks and business cicle in the Spanish economy," Studies on the Spanish Economy 43, FEDEA.

    More about this item

    Keywords

    Business Cycles; Growth; Small Open Economy; Taxes;

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F3 - International Economics - - International Finance

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