This paper investigates the effects of monetary policy on the credit card spending on different sectors. The investigation is based on a structural vector autoregression model, where sector-specific real credit card spending data (adjusted for inflation) representing an overall country,...

This paper develops an open-economy DSGE model to analyze the effects of international trade costs on monetary policy of open economies. The implications of this micro-founded New-Keynesian model are tested on a prototype small economy that is open to international trade costs shocks, Canada....