Market power in a non-monetarist inflation model for Greece

Abstract

A post-Keynesian inflation model for Greece is constructed and tested. The model consists of three equations, including a ‘cost-demand’ price equation for the gross domestic expenditure deflator. Cost-demand functions have been occasionally estimated in the past. The equation presented is a more systematic test, since the effect of industry concentration is examined both theoretically and empirically. A ‘collective bargaining’ equation for the first time in Greece was simultaneously estimated. The role of public deficit was investigated and it was found that this exerts a moderate influence on inflation.

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