Stylised facts of Greek business cycles: new evidence from aggregate and across regimes data Online publication date: Sat, 18-Apr-2015
by Nicholas Apergis, Alexandros Panethimitakis
International Journal of Economics and Business Research (IJEBR), Vol. 3, No. 2, 2011
Abstract: This study addresses stylised facts of the Greek economy over the period 1960–2005. The findings convey the procyclicality of consumption. Consumption is shown to be less volatile but investment and government expenses are shown to be more volatile than income. Prices are countercyclical, lending support to real business cycles (RBC). Real wages are procyclical, indicating that labour market developments are explained by shocks that shift the labour demand curve. By making allowances for changes in the regime, the empirical analysis provides robust support to the same conclusions. The study also provides evidence about the identification of shocks related to the business cycle. The results show that it is real shocks that drive the economy, implying that demand management policies do not work.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Economics and Business Research (IJEBR):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com