Apergis, Nicholas; Soldatos, Gerasimos - In: European Research Studies Journal I (1998) 3, pp. 51-69
This paper examines the extent to which the policy instruments of money supply and budget deficit were endoigenous in Greece over the period 1975-1993. It is assumed that the policymaker's objectives are the growth rate of GNP and the balance of payments. The so-called "reaction-function...