1979–2001: A Greek great depression through the lens of neoclassical growth theory

Gogos, Stylianos G.; Mylonidis, Nikolaos; Papageorgiou, Dimitris; Vassilatos, Vanghelis

doi:10.1016/j.econmod.2013.09.031

Cited by 19 publications

(24 citation statements)

References 15 publications

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“…This paper relates to the literature on the causes and remedies of relatively low growth of per capita GDP in Greece. In particular, it shares with the growth accounting studies of Dimelis et al (1997), Bosworth and Kollintzas (2002), Kollintzas et al (2012), Gogos et al (2014), and Leounakis and Sakellaris and (2014) the result that TFP is to blame for this low growth outcome. It is also consistent with the result of Sondermann (2012) that TFP growth in Greece and Portugal falls behind that of the other Euro Area countries.…”

Section: Introductionsupporting

confidence: 64%

Market and Political Power Interactions in Greece: An Empirical Investigation

et al. 2016

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Section: Introductionsupporting

confidence: 64%

Market and Political Power Interactions in Greece: An Empirical Investigation

et al. 2016

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“…In particular, it shares with the growth accounting studies of Dimelis et al (1997), Bosworth and Kollintzas (2002), Kollintzas et al (2012), Gogos et al (2014), and Leounakis and Sakellaris and (2014) the result that TFP is to blame for this low growth outcome. It is also consistent with the result of Sondermann (2012) that TFP growth in Greece and Portugal falls behind that of the other Euro Area countries.…”

Section: Introductionmentioning

confidence: 66%

Market and political power interactions in Greece: an empirical investigation

et al. 2018

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In this paper, using a dynamic panel of 21 OECD countries, we find that, unlike the other OECD countries in the sample, wage setting institutions, competition conditions, public finances, and external imbalances can account for the behavior of the public sector wage premium (WPR) and the self-employed taxation gap (TSL) in Greece and to a lesser extent in Spain and Portugal, in a manner that is consistent with an "insider-outsider society" (IOS). That is, a politicoeconomic system characterized by groups of selfish elites that enjoy market power but at the same time cooperate in influencing government in protecting and promoting their collective self-interests. Then, we find that for Greece as well as Spain and Portugal, WPR and TSL have an adverse effect on both TFP and output growth. Finally, the effect of WPR and TSL on the business cycle (shock propagation mechanism) is investigated via a panel VAR analysis. Again, impulse response function analysis suggests that the shock propagation mechanisms of WPR and TSL for Greece and to a lesser extent for Spain and Portugal are quite different from the rest of the OECD countries. For example, in Greece, unlike the other OECD countries in the sample, a positive temporary shock in WPR causes TFP and output to fall and the public and current account deficits to increase. We take the TFP/output growth and the shock propagation mechanism results to provide strong evidence that Greece and to a lesser extent Spain and Portugal behave like IOS. For that matter, these results are important in order to understand the Greek crisis.JEL classification: J44, J45, O43, O47, O57, P16

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“…Following Conesa et al (2007) and Gogos et al (2014), we construct time series for the sectoral capital stocks, i.e. tradable and non-tradable, and public capital stock.…”

Section: Construction Of Capital Stock Seriesmentioning

confidence: 99%

“…are set equal to 0.035. The depreciation rates, H ; N T ; g ; are calibrated by constructing time series for the private and public capital stock employing the methodology in Coenen, Karadi, Schmidt, and Warne (2018) andGogos, Mylonidis, Papageorgiou, and Vassilatos (2014). The associated values are H = 0:071; N T = 0:051 and g = 0:0741 (see Appendix I for details).…”

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confidence: 99%

FIR-GEM: A SOE-DSGE Model for Fiscal Policy Analysis in Ireland

Varthalitis

2019

SSRN Journal

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This paper presents FIR-GEM: Fiscal IRish General Equilibrium Model. FIR-GEM is a small open economy DSGE model designed as …scal toolkit for …scal policy analysis in Ireland. To illustrate the model's potential for …scal policy analysis, we conduct three types of experiments. First, we analyse the …scal transmission mechanism through which Irish …scal policy a¤ects the Irish economy. Second, we compute …scal multipliers for the main tax-spending instruments, namely government consumption, public investment, public wage bill, public transfers, consumption, labour and capital tax. We focus on a …scal policy stimulus that is either implemented through spending increases or tax cuts. Third, we perform robustness analysis on key structural characteristics that can a¤ect quantitatively the size of …scal multipliers. We …nd that the size of …scal multipliers in the Irish economy heavily depends on its degree of openness, the method of …scal …nancing employed, the elasticity of the sovereign risk premia to Irish debt dynamics and the ‡exibility of Irish labour and product markets.

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1979–2001: A Greek great depression through the lens of neoclassical growth theory

Cited by 19 publications

References 15 publications

Market and Political Power Interactions in Greece: An Empirical Investigation

Market and Political Power Interactions in Greece: An Empirical Investigation

Market and political power interactions in Greece: an empirical investigation

FIR-GEM: A SOE-DSGE Model for Fiscal Policy Analysis in Ireland

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