Macro-Governance aspects of monetary policy accomodation under varying regimes: An assessment using greek data

This paper has a two-fold orientation: firstly, it examines the linkages and the time-series properties of a set of nominal and real macroeconomic variables in Greece, under different exchnage-rate systems and varying fiscal regimes. Secondly, it makes an effort to evaluate some macro-monetary policy had been used to accommodate foreign disturbances and fiscal policy chnages. Concerning the former, prices have played a central role between nominal and real variables while verifying evidence in inflation persistence. Regarding the latter, the central bank is primarly monetary-transmission mechanism. In principle, the monetary authorities appear to have engaged in accommodative,and to a lesser extent extent sterilisation, schemes of policy action, notwithstanding the clear tendency towards stsyematic control, thereby suggesting consistency with the conventional priors of policy-competence hypothesis.