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THE ACCOMMODATION HYPOTHESIS IN GREECE. A TRI-VARIATE GRANGER-CAUSALITY APPROACH

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. (JEL E58). .