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• W2114573154 abstract "We present time series evidence theoretically consistent with the New Keynesian view for income growth, using Greek annual data over the period 1970- 2004. The empirical analysis employs a hybrid model for income growth using the ARDL approach to cointegration. Evidently, growth financing, under changing fiscal and monetary regimes, and interest rates' management are inextricably linked. These links still remain challenging and further research needs. It is beyond any scientific dispute that arriving at a well-informed view on the magnitude and dynamics of the effects of monetary and real economic variables on GDP growth is indeed very complicated. Besides, another economic issue still under debate is whether fluctuations in money (however defined) could affect fluctuations in income (nominal or real) and prices over time, in a regular and systematic way. Pending upon the adopted monetary policy process through specific monetary instruments, different empirical testing procedures accrue. Indeed, if money, as the central bank's basic policy instrument, bears no implication for contemporaneous and/or subsequent movements in aggregate income or prices, then money (in general terms) has no role to play within the aggregate growth process, this being for both the short and long run. However, conflicting evidence on the role of money and/or interest rates on income is reported in the relevant international empirical literature (Sims, 1972; 1980; Bernanke and Blinder, 1988; Friedman and Kuttner, 1992; King and Levine, 1993). In this paper, we study the link(s) between interest rates, as the fundamental monetary variable here, government investments and aggregate exports, as the basic real variables, for GDP growth determination, with reference to the Greek Economy; given the currently existing and available yearly data from 1970 up to 2004 (applying the last I.F.S. (I.M.F.) and O.E.C.D. data). The main purpose of the paper is to provide new and additional evidence on the role of certain monetary and real variables within the income growth process, thus allowing for a contemporaneous estimation of the magnitude of the effects of interest rates on income. The export- led growth hypothesis (ELGH) is also considered within this context. Our research contribution is threefold. First, our hybrid modeling approach takes into account the important missing variables issue. Second, the ARDL approach to cointegration is applied, considering the small samples advantages of the method and the stringent official long-run time series data availability problem of the Greek Economy. Third and final, we provide new evidence with respect to the Greek Economy. This paper is organized in five sections. Specifically, section 2 refers to some fundamental views on money and interest rates especially, as they both relate to income growth literature. Section 3 is a brief note on the recent history of the Greek Economy. Next, section 4 describes our methodology and the simple model structure that we follow. Section 5 clarifies our empirical results, whereas; last section 6 presents a summary and the main conclusions of the paper. Our appendix, at the end, reports in table form, all our findings." @default.
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• W2114573154 date "2008-01-01" @default.
• W2114573154 modified "2023-09-23" @default.
• W2114573154 title "An eclectic causality model for Income Growth: Evidence from Greece" @default.
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