This paper attempts to estimate the supply response for wheat production in Greek agriculture. In our analysis we use the rigorous cointegration and the error correction method, as it is superior to the generally used Nerlovian partial-adjustment model. Since wheat is one of the most important...

This paper attempts to estimate the potential output of the agricultural sector of the Greek economy and then to produce medium-term projections for it. The Hodrick-Prescott filter and the "production function" approach using cointegration techniques are used to estimate the potential...

In this paper, we show that if capital and labour are complementary inputs and labour is in surplus[LS], economic development will reduce investment in the agricultural sector. We analyse the impact of factor substitutability and factor mobility on economic welfare as indicated by changes in...