This paper examines the impact of the 'franc fort' policy implemented in France from 1983 on the inflationary dynamics by means of a square root Kalman filter approach. An interesting aspect of the analysis is the evidence that the 'franc fort' exchange rate policy had a significant impact on...

This paper examines the empirical link between the dollar exchange rate of the euro and the monetary fundamentals. The exchange rate is found to be cointegrated with money and income differentials, while the homogeneity restrictions are supported by the data. The weak form restrictions of the...

Using a dynamic specification of Okun's law, the authors examine the relationship between unemployment and output in Greece over the period 2000–12. While Granger causality tests indicate that real output is important to understanding future movements in unemployment, Okun's ratio is found to...

This paper examines the relationship between money and future movements in output at business-cycle frequencies in the euro area. Importantly, the evidence suggests that the money stock is found to significantly affect output independent of the real interest rate. This finding supports the...

This paper uses vector autoregressive (VAR) techniques to examine the indicator properties of a number of macroeconomic variables with respect to foreign exchange (FX) market pressure in Greece during the period 1975-95. The framework of analysis is also used to assess the relative importance of...

This paper tests the size and the diffusion effect of the credibility factors of the stabilization programme implemented in Greece in 1985, by means of a two-step procedure which focuses on the analysis of the time-series properties of the parallel market premium and the inflation process. An...