Bernanke, Benjamin, 1986, “Alternate Explanations of the Money-Income Correlation,” Carnegie-Rochester Conference Series on Public Policy, Vol. 25, pp. 49-100.
Detragiache, Enrica, and Alfonso J. Hamann, 1997, “Exchange Rate-Based Stabilization in Western Europe: Greece, Ireland, Italy and Portugal,” IMF Working Paper 97/75 (Washington: International Monetary Fund).
Sims, Christopher, 1986, “Are Forecasting Models Usable for Policy Analysis?” Federal Reserve Bank of Minneapolis Quarterly Review, Winter.
This topic has also been a focus of previous investigation by Fund staff. See “Post-devaluation Inflation Prospects: An Empirical Investigation,” in Greece: Selected Issues, IMF Staff Country Report No. 98/100, September 1998.
A direct empirical investigation for Greece is severely hampered by data deficiencies.
Prepared by Phillip Swagel.