Summary This paper presents an analysis of a money demand system for the euro area. The objective is to investigate some aspects of the monetary transmission mechanism. Of particular interest is the interest rate channel, which asserts that monetary policy works by affecting the long real rate....

We use a multi-sector dynamic stochastic general equilibrium (DSGE) model—calibrated to the Ghanaian economy—to analyse the short-term impact of oil windfalls in low-income countries (LICs) and the role of various fiscal and monetary policy responses. The model includes limited access to...

This paper presents an analysis of a money demand system for the euro area. The objective is to investigate some aspects of the monetary transmission mechanism. Of particular interest is the interest rate channel, which asserts that monetary policy works by affecting the long real rate. The...

This paper uses a computable general equilibrium model Maquette for Millennium Development Goal Simulations (MAMS) calibrated to Mongolia to investigate how the development of major mining projects leads to Dutch disease. The simulations suggest that the process is complex, with the relative...

Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past forty years. It shows that in recent years a convergence has taken place, with modern models embodying a Keynesian transmission mechanism, monetarist policy implication, and...