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...

This paper investigates Greece’s involvement in GVCs using the decomposition suggested by Wang et al. (2013, 2018) and applied to the World Input-Output Database (WIOD). In general, we find that domestic value added is high in service sectors and much lower in manufacturing, in line with the...

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...

Using a multisectoral model and the latest data from the OECD Input-Output Tables (IOTs2021 ed.), this article estimates labour and capital productivities of the 38 OECD member countries. As measures of the productivity of labour, we consider the inverse of the vertically integrated labour...

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...

The present paper investigates whether Greek gasoline prices respond symmetrically to changes in international oil prices. The study uses all available observations and applies the TAR (Threshold Auto-Regressive) methodology, which is considered to be the most reliable econometric technique...

This paper is an exercise in applied macroeconomic forecasting. We examine the forecasting power of a vector error-correction model (VECM) that is anchored by a long-run equilibrium relationship between Greek national income and productive public expenditure as suggested by the economic theory....

This paper investigates empirically the long-run linkages between sectoral relative prices and labor productivities implied by the Balassa (1964) ans Samuelson (1964) framework. The role of wage non-homogeneity across sectors is explored by incorporating sectoral wages into the analysis.The...

Despite the fact that receipts from the provision of shipping services recorded on the Greek Balance of Payments represent nearly half of the total receipts of services rendered, the factors that determine them have not been explored for the Greek economy. Therefore, the main purpose of this...