The Development of the Greek Economy, 1950-1991: An Historical, Empirical, and Econometric Analysis

By George A. Jouganatos | Go to book overview

Chapter 7
An Econometric Model of Greece, 1955-1987

There are several purposes for the construction of macroeconometric models. One is to make ex ante or ex post forecasts of economic aggregates. Another is the simulation of historical periods. The more difficult aspect of this is for the model to be able to predict turning points in an economy. Finally, the econometric model gives rise to analyses of various multipliers in the economy. These last two purposes, in particular, are very important to the analyses of policy-making decisions. D. Challen ( 1983: 194-222) discusses the use of counter-factual analysis and policy evaluation in greater detail as do Ray Fair ( 1984: 301-369) and Lawrence Klein ( 1981). While the model presented in this chapter may be used for simulation and forecasting, its chief purpose is to evaluate the effect each period's economic policies had on certain performance variables. This evaluation presented in the next to last section of the chapter.

The model developed in this chapter is small to medium-sized in comparison to the models developed for the United States by Klein and A. Goldberger ( 1955), Michael Evans and Klein ( 1967), and Klein and Edwin Burmeister ( 1976). Harry Kelejian (in J. Kmenta 1981) finds little evidence to suggest that forecasting accuracy is improved as model size increases. Similarly, Stephen Goldfield (in Kmenta 1981) also finds that forecasting and historical simulations are not

-183-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The Development of the Greek Economy, 1950-1991: An Historical, Empirical, and Econometric Analysis
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables and Graphs ix
  • Preface xiii
  • Chapter 1 Introduction 1
  • Chapter 3 the Junta Period, 1967-1974 55
  • Chapter 5 the Pasok Period, 1982-1988 127
  • SUMMARY AND CONCLUSIONS 162
  • Chapter 6 the Post-Pasok Period, 1989-1991 167
  • Chapter 7 an Econometric Model of Greece, 1955-1987 183
  • Chapter 8 Epilogue 217
  • Bibliography 225
  • Index 245
  • About the Author 250
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 252

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.