Evaluating a monetary business cycle model with unemployment for the euro area

This paper estimates a medium-scale DSGE model with search unemployment by matching model and data spectra. Price mark-up shocks emerge as the main source of business-cycle fluctuations in the euro area. Key factors in the propagation of these disturbances are a high degree of inflation indexation and a persistent response of monetary policy to deviations from the inflation target

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Year of publication:	2009
Authors:	Groshenny, Nicolas
Publisher:	Brussels : National Bank of Belgium
Subject:	Dynamisches Gleichgewicht \| Konjunkturtheorie \| Geldtheorie \| Suchtheorie \| Eurozone \| EU-Staaten \| DSGE models \| business cycles \| frequency-domain analysis

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Series:	NBB Working Paper ; 173
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	880033673 [GVK] hdl:10419/144385 [Handle] RePEc:nbb:reswpp:200907-27 [RePEc]
Classification:	E32 - Business Fluctuations; Cycles ; C51 - Model Construction and Estimation ; C52 - Model Evaluation and Testing
Source:	EconStor

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