Inflationserwartungen und Geldnachfrage: Die Erfahrungen Griechenlands In der Geldnachfragefunktion für Griechenland werden Inflationserwartungen als Alternative zum Zinssatz der Oppotunitätskostenvariablen eingesetzt. Es werden zwei Hypothesen zur Erwartungsbildung berücksichtigt, und Geld...

Inflation und Erwartungsbildung: Einige empirische Ergebnisse In diesem Aufsatz wird ein Modell für die Bestimmung des Preisniveaus entwickelt und geschätzt. Das Modell enthält sowohl ausländische als auch inländische Faktoren. Bei der Schätzung des Modells verwenden wir alternative...

The three-equation New-Keynesian model advocated by Woodford (2003) as a self-contained system on which to base monetary policy analysis is shown to be inconsistent in the sense that its long-run static equilibrium solution implies that the interest rate is determined from two of the system’s...

The aim of this paper is to study the main macroeconomic, financial and structural factors that shaped current account developments in Greece over the period from 1960 to 2007 and discuss these developments in relation to the issue of external sustainability. Concerns over Greece’s external...

The aim of this paper is to study the main macroeconomic, financial and structural characteristics that affected current account developments in Greece over the period 1960-2007 and link these to the issue of external sustainability. Concerns over Greece’s external sustainability have emerged...

This paper examines empirically the role of bank market power as an internal factor influencing banks’ reaction in terms of lending and risk taking to monetary policy impulses. The analysis is carried out for the U.S. and euro-area banking sectors over the period 1997–2010. Market power is...

In this paper we empirically analyse the factors which determined consumer credit in Greece in the period before and after the financial liberalisation, while accounting for significant changes in structure due to the lifting of credit restrictions and the subsequent impressive boom of consumer...

The rational expectations hypothesis for survey and model-based inflation forecasts ? from the Survey of Professional Forecasters and the Greenbook respectively ? is examined by properly taking into account persistence in the data. The finding of near-unit-root effects in inflation and inflation...

This paper analyses empirically the role of bank lending in monetary policy transmission on the basis of Greek bank level data. Two approaches have been taken. One employing a reduced form equation linking monetary policy and distributional variables to bank loans in the spirit of Kashyap and...