Fève, Patrick
[VerfasserIn]
;
Matheron, Julien
[Sonstige Person, Familie und Körperschaft];
Sahuc, Jean-Guillaume
[Sonstige Person, Familie und Körperschaft]
Supply Shocks and Optimal Monetary Policy in the Euro Zone
Erschienen in:Banque de France Working Paper ; No. 200
Umfang:
1 Online-Ressource (17 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1680214
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 2008 erstellt
Beschreibung:
This article assesses monetary policy's performances in the Euro zone in the face of supply shocks. We determine the responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural VAR model. We then develop a DSGE model with nominal rigidities subject to the optimal monetary policy. The model is estimated and tested on the basis of its ability to reproduce the responses drawn from the VAR model. Our results suggest that assuming optimal monetary policy allows for a satisfying fit to the data