• Medientyp: Bericht; E-Book
  • Titel: Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model
  • Beteiligte: Plasmans, Joseph [Verfasser:in]; Michalak, Tomasz [Verfasser:in]; Fornero, Jorge [Verfasser:in]
  • Erschienen: Brussels: National Bank of Belgium, 2006
  • Sprache: Englisch
  • Schlagwörter: monetary policy rules ; Schätzung ; D21 ; Bayesian estimation ; EU-Staaten ; P24 ; Geldpolitik ; Wohlfahrtsanalyse ; Lohnrigidität ; welfare implications ; Offene Volkswirtschaft ; Neoklassische Synthese ; numerical simulations ; tradable and non-tradable sectors ; F41 ; E31 ; final and intermediate goods ; New Keynesian open economy model
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  • Beschreibung: In this paper we derive a microfounded macro New Keynesian model for open economies, be them large or small. We consider habit formation in consumption, sectoral linkages, domestic and foreign governments, tradable and non-tradable final and intermediate goods and imperfect pass-through in these sectors. Sticky nominal prices and wages are modeled in a Calvo way. The model economy is composed of a continuum of infinitely-lived consumers and producers for three regions (countries). Numerical simulations and econometric estimations are presented with a focus on a small open economy member of the EMU. Welfare implications of the involved price and wage rigidities are discussed
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