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ECONOMETRIC MODELLING AT THE BANK OF GREECE

Nicholas G. Zonzilos

Bank of Greece, Economic Research Department

ABSTRACT

At the Bank of Greece econometric modelling started in 1975 when the Bank’s first model of the Greek economy was developed under the leadership of the now Governor of the Bank Nicholas C. Garganas. The model was extensively used for many years in forecasting as well as in policy analysis and proved to be an indispensable tool for the policy decisions of the Bank over a broad spectrum of issues. Model development at the Bank of Greece is an ongoing activity fuelled by the changes in the economy as well as by modelling theoretical advances. This paper describes and documents the use as well as the properties (through a set of standard simulation results) of the current version of the Bank of Greece model.

Keywords: Econometric Modelling; Cointegration Techniques; Simulation Results.

JEL classification: C50; E17

Comments from Stephen G. Hall, Heather Gibson and George Tavlas are gratefully acknowledged. G. Pavlou provided excellent research assistance. The usual disclaimer applies. The views expressed in this paper are those of the author and do not necessary reflect those of the Bank of Greece.

Correspondence:

Nicholas G. Zonzilos
Economic Research Department
Bank of Greece, 21 El. Venizelou St.
102 50 Athens, Greece
Tel. +30210-3202374, Fax +30210-3233025
Email: nzonzhlos@bankofgreece.gr


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