Greece: Selected Issues

Author: International Monetary Fund

This Selected Issues paper explores the determinants of Greece's potential output, an exercise that could shed light on its current cyclical position, as well as on its medium-term growth prospects. To that end, a production function is estimated, with capital and labor as factors of production and time-varying total factor productivity. The estimation results suggest that the output gap has been closing in recent years, with output projected to be slightly above potential in 1998. The paper also explores the impact of changes in the drachma's exchange rate on inflation.

Volume/Issue: Volume 1998 Issue 100

Publication date: October 1998

ISBN: 9781451816082

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Business and Economics , Inflation , Labor , Economics- Macroeconomics , ISCR , CR , government , trend employment , enterprise , government investment ratio , worker government capital , price inflation , government investment pattern , government involvement , Inflation , Total factor productivity , Output gap , Exchange rates , Real wages

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Summary

This Selected Issues paper explores the determinants of Greece’s potential output, an exercise that could shed light on its current cyclical position, as well as on its medium-term growth prospects. To that end, a production function is estimated, with capital and labor as factors of production and time-varying total factor productivity. The estimation results suggest that the output gap has been closing in recent years, with output projected to be slightly above potential in 1998. The paper also explores the impact of changes in the drachma’s exchange rate on inflation.