Capros P., P. Karadeloglou and G.N. Mentzas (1988) "Structure and Properties of the GEM-NTUA Annual Econometric Model for Greece"
Paper presented at the First Conference of the Greek Economic Association, 14-16 December, Athens.
The purpose of this paper is to describe the design, structural characteristics and simulation properties for the Greek Economic Model (GEM) developed and maintained at the National Technical University of Athens. GEM is a neo-Keynesian multi sectoral annual dynamic model for the Greek Economy. Four economic agents are represented: households, firms, the public sector and the international transactions. The model distinguishes four sectors of economic activity: agriculture; manufacturing and mining; energy; services. The GEM-NTUA model is now operational and is used for policy analyses.
The paper is organised as follows. The first sections give a short survey of Greek macroeconomic models. The second starts with an overall description of the theoretical and methodological structure of GEM. It then proceeds with a detailed presentation of the specification of the blocks of equations, the estimated coefficients and the ex post elasticities of the main variables. Section three gives an in depth analysis of the simulation properties of GEM, by examining with scrutiny its results with respect to alternative policy options. The last section presents an overview of the work and defines a number of directions for future research.
Paper available on request (hard copy only)
