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Title: The ECB's policy, the recovery fund and the importance of trust: The case of Greece Authors:  Vasiliki-Eirini Dimakopoulou - Athens University of Economics and Business (Greece) [presenting]
Apostolis Apostolis Philippopoulos - Athens University of Economics and Business (Greece)
Abstract: The purpose is, using a microfounded macroeconomic model that embeds the key features of the Greek economy, to study the efficacy of the various policy measures taken, at a national and EU level, to cushion the economic effects of the pandemic shock. We attempt to give quantitative answers to questions like: What are the effects of these policies and, especially, what are the implications of the fiscal transfers and grants from the Recovery Fund and the quantitative policies of the ECB, like the PEPP, for the Greek economy? Do they help the real economy and, if yes, by how much? What would have happened had these measures not been taken? How costly will be the re-emergence of the fear of debt default and risk premia? V. Dimakopoulou is grateful to the State Scholarships Foundation (IKY) for financial support. This research is co-financed by Greece and the European Union (European Social Fund- ESF) through the Operational Programme ``Human Resources Development, Education and Lifelong Learning'' in the context of the project Reinforcement of Postdoctoral Researchers - 2nd Cycle (MIS-5033021), implemented by the State Scholarships Foundation (IKY).