Full employment, price stability and external equilibrium

Abstract

The Piraeus Faculty of Industrial Studies has decided to publish a volume in honor of Professor Andreas Kyrkilitsis who has retired some years ago. The author was asked to contribute which he does with great pleasure because he knows and esteems Pro¬fessor Andreas Kyrkilitsis for at least 40 years. He has been the first economist to work for the Bank of Greece and has been for a long number of years the head of the economic research division of our central bank. Under this capacity Professor Andreas Kyrkilitsis considered as his duty to support any decision of the central bank’s presidents even if they were wrong. This led more than once to discussions between them without of course affecting our reciprocal friendship and esteem. He be¬lieves that the subject to be treated in his contribution to the volume in honor of Professor Andreas Kyrkilitsis is one on which the undersigned has not always been in agreement with his colleague and friend Andreas Kyrkilitsis without certainly meaning that he has been or is right.