The present paper presents a quarterly econometric model for the Greek economy, the GR-MCM model. The model has been developed as part of a larger project within the European System of Central Banks (ESCB), the Multi-Country Model (MCM). The model combines short-run Keynesian dynamics determined...

At the Bank of Greece econometric modelling started in 1975 when the Bank’s first model of the Greek economy was developed under the leadership of the now Governor of the Bank Nicholas C. Garganas. The model was extensively used for many years in forecasting as well as in policy analysis and...

Using a state space formulation developed by Stock and Watson and Garratt and Hall we construct an indicator, which then is interpreted as a measure of the underlying economic activity of the Greek economy. The chief novelty of the paper is that the underlying model is calibrated, rather than...

This paper explores differences in performance between firms that export and those that do not. With only a few exceptions, exporters have characteristics which suggest “better” performance than non-exporters, controlling for observed and unobserved heterogeneity. This paper aims to provide...

The recession that followed the global financial crisis and the sovereign debt crisis resulted in large falls in output and rises in unemployment across Europe. In this context, many countries implemented significant reforms of their labour market. In order to analyse the impact of labour market...

The aim of the present paper is to identify the main determinants of private consumption in Greece for the recent period 2003:Q1- 2020:Q1. The issue is of particular interest for Greece, now that the economy is trying to return to a sustainable growth path following the pandemic episode, since...

The influx of shipping receipts from the world's leading fleet has been critical for the development of the Greek economy. Following the fateful September of 2008, the range and speed of the shift in direction of the freight rates, combined with the general economic and credit climate, have had...

The influx of shipping receipts from the world's leading fleet has been critical for the development of the Greek economy. Following the fateful September of 2008, the range and speed of the shift in direction of the freight rates, combined with the general economic and credit climate, have had...

The pricing mechanism in the gasoline market has often been the subject of public debate inGreece during the crisis years. Inefficient pricing could imply oligopolistic practices in themarket and losses to consumers’ welfare in a period characterised by a dramatic fall inconsumers’ income...

The aim of this study is to assess whether fuel prices in Greece respond asymmetrically to changes in the global oil prices. To do so, we depart from the current practice in the literature that focuses on fuel prices. Rather, we consider the mark-up of both the refineries and retailers. Even...