Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021
We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary … sensitive to the degree of openness and further economic integration between the two regions could generate sizable gains from … various shocks, we show that mark-up shocks are the most important source for gains from international monetary policy …