English, Article, Journal or magazine article edition: Two-Country New Keynesian DSGE Model: A Small Open Economy as a Limit Case Marcos Antonio Coutinho da Silveira

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Bookmark: http://trove.nla.gov.au/version/2277
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Two-Country New Keynesian DSGE Model: A Small Open Economy as a Limit Case
Author
  • Marcos Antonio Coutinho da Silveira
Physical Description
  • preprint
Notes
  • We build a two-country version of the model in Gali &​ Monacelli(2005), which extends for a small open economy the new KeynesainDSGE model used as tool for monetary policy analysis in closedeconomies. A distinctive feature of the model is that the terms oftrade enters directly into the new Keynesian Phillips curve as a newpushing-cost variable feeding the inflation. Furthermore, home bias inhouseholds? preferences allows for real exchange rate fluctuation, givingrise to alternative channels of monetary transmission. Unlike mostpart of the literature, the small domestic open economy is derived asa limit case of the two-coutry model, rather than assuming exogenousprocesses for the foreign variables. This procedure preserves the roleplayed by foreign nominal frictions in the way as international monetarypolicy shocks are conveyed into the small domestic economy.
  • RePEc:ipe:ipetds:1157
Language
  • English
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