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We build structural VARs for the euro area to analyze the responses of a set of euro area macroeconomic variables to monetary policy and technology shocks. We then test their robustness to different specifications of hours worked, sample periods and the definition of the variables used. We...
Persistent link: https://www.econbiz.de/10008524128
Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the euro area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions...
Persistent link: https://www.econbiz.de/10008524162
Taking stock of the recent developments in the New Open Macroeconomics literature, we build a two country Dynamic Stochastic General Equilibrium (DSGE) model of the euro area and the US, with nominal rigidities and imperfect exchange rate passthrough. The model is calibrated using parameters...
Persistent link: https://www.econbiz.de/10008524175
The aim of this paper is to estimate the effects of a technology shock in the euro area within a structural VAR framework. Since the impact of these shocks on labor use is a controversial issue in the related literature, we give particular attention to it. Given that the estimated effects of a...
Persistent link: https://www.econbiz.de/10008524207
We investigate the importance of the behaviour of the monetary authority for the dynamics of a currency union where cross-country asymmetries are not necessarily reflected in differences in economic size. We construct a stylised two-country general equilibrium model with sticky-prices to serve...
Persistent link: https://www.econbiz.de/10008524232
Persistent link: https://www.econbiz.de/10002476454
Persistent link: https://www.econbiz.de/10012127567
In the low inflation and low interest rate environment that prevailed over the period 2013-2020, many argued that besides expansionary monetary policy, expansionary fiscal policy could also support central banks' efforts to bring inflation closer to target. During the pandemic, proper alignment...
Persistent link: https://www.econbiz.de/10014476187
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10009640286
Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the euro area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions...
Persistent link: https://www.econbiz.de/10009640345