Econometric Modelling at the Bank of Greece

24 Pages Posted: 14 Jul 2022

Date Written: June 1, 2004


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

Suggested Citation

Zonzilos, Nicholas, Econometric Modelling at the Bank of Greece (June 1, 2004). Bank of Greece Working Paper No. 14, Available at SSRN: or

Nicholas Zonzilos (Contact Author)

Bank of Greece ( email )

21 E. Venizelos Avenue
GR-10250 Athens

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