Macroeconomic policy in Europe: experiments with monetary responses and fiscal impulses
AbstractIn this paper we discuss the main model properties of NiGEM, the National Instituteâs large-scale macroeconometric model. NiGEM is a âNew-Keynesianâ model where agents display forward looking behaviour but there are nominal rigidities slowing adjustment. In a number of policy simulations we find there are strong similarities across countries. Nevertheless, Euro Area responses to monetary and fiscal policy are greatest in Germany in NiGEM, whilst these responses are slower in comparison to the US due to greater wage-price inertia.
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Bibliographic InfoArticle provided by Elsevier in its journal Economic Modelling.
Volume (Year): 21 (2004)
Issue (Month): 5 (September)
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Web page: http://www.elsevier.com/locate/inca/30411
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- Ray Barrell & Bettina Becker & Joseph P Byrne & Sylvia Gottschalk & Ian Hurst & Desirée van Welsum, 2003. "Macroeconomic Policy in Europe: Experiments with monetary responses and fiscal impulses," NIESR Discussion Papers 218, National Institute of Economic and Social Research.
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