English, Article, Journal or magazine article edition: Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model Joseph Plasmans; Tomasz Michalak; Jorge Fornero

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Bookmark: http://trove.nla.gov.au/version/17836
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model
Author
  • Joseph Plasmans
  • Tomasz Michalak
  • Jorge Fornero
Physical Description
  • preprint
Notes
  • In this paper we derive a microfounded macro New Keynesian model for open economies, be them large or small. We consider habit formation in consumption, sectoral linkages, domestic and foreign governments, tradable and non-tradable final and intermediate goods and imperfect pass-through in these sectors. Sticky nominal prices and wages are modeled in a Calvo way. The model economy is composed of a continuum of infinitely-lived consumers and producers for three regions (countries). Numerical simulations and econometric estimations are presented with a focus on a small open economy member of the EMU. Welfare implications of the involved price and wage rigidities are discussed
  • New Keynesian open economy model, tradable and non-tradable sectors, final and intermediate goods, monetary policy rules, numerical simulations, Bayesian estimation, welfare implications
  • RePEc:nbb:reswpp:200610-6
Language
  • English
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