3-18

• Καρασαββόγλου, Α.Γ.
• Κατρακυλίδης, Κωνσταντίνος

This paper with title "The Accommodation Hypothesis in Greece. A tri-variate Granger-Causality Approach" investigates empirically the causal relationship between money growth, budget deficits and inflation in Greece employing a tri-variate error-correction model. The causal relationship between money, deficits and inflation is explored using three alternative definitions for money: high-powered, M l and M2 definitions of money stock. The results support the accommodation hypothesis and provide evidence that deficits are inflationary when monetized.

• Economics and Business
• Computer and information sciences

• Economics
• Finance
• Statistics

Περιέχει παράρτημα, υποσημειώσεις και βιβλιογραφία, We thank Prof. A. Lazaridis and Prof. G. Katsimbris for detailed and valuable comments. We also acknowledge the helpful comments of Prof. E. Dinopoulos and Lectures C. Karfakis, N. Varsakelis and G. Papachristou. We are very grateful as well to an anonymous referee for his/her numerous invaluable comments on the first draft of our paper. All errors are our responsibility.