This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different...

The receipts from shipping services have been a vital resource for the Greek economy covering a perennial trade deficit. The downward adjustment in freight rates following the Lehman brothers collapse was swift severely impacting shipping inflows into the Greek economy. Almost two years later,...

This paper presents a selected review of what the literature discusses in terms of modelling and forecasting house prices. In particular, it distils fundamental and “other” determinants of house prices used in economic models and identifies the most commonly used econometric approaches to...

An essential dilemma in economics that has yielded ambiguous answers is whether governments should spend more in recessions. This paper provides an extension of the work of Ramey & Zubairy (2018) for the US economy according to which the government spending multipliers are below unity,...

This paper summarises the findings of the Eurosystem’s Expert Group on Inflation Expectations (EGIE), which was one of the 13 work streams conducting analysis that fed into the ECB’s monetary policy strategy review. The EGIE was tasked with (i) reviewing the nature and behaviour of inflation...

The paper investigates empirically the existence of asymmetry in the speed of adjustment at the retail prices of a selected group of basic foods to their long-term equilibrium level. Possible asymmetry would have a significant impact as it would disproportionately burden lower-income consumers...

The pricing mechanism in the gasoline market has often been the subject of public debate in Greece during the crisis years. Inefficient pricing could imply oligopolistic practices and losses to consumers' welfare. A way to test for inefficient pricing, is by testing for asymmetries in the...