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Greece: Selected Issues
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 1998: Issue 100
Language:
English
Publication Date:
13 Oct 1998
DOI:
https://doi.org/10.5089/9781451816082.002
ISBN:
9781451816082
ISSN:
1934-7685
Pages:
108
Keywords:
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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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund