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A Multi-Country Closed-Economy MU Model

In: Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations

Author

Listed:
  • Joseph Plasmans

    (University of Antwerp, Belgium and Tilburg University)

  • Jacob Engwerda

    (Tilburg University)

  • Bas van Aarle

    (University of Maastricht)

  • Giovanni di Bartolomeo

    (University of Rome “La Sapienza”)

  • Tomasz Michalak

    (University of Antwerp)

Abstract

In Chapter 4 we analyzed monetary and fiscal policy interactions in a twocountry monetary union (MU). While this setting yields many important insights, it seems also interesting to consider an MU with a larger number of participants. This chapter, therefore, seeks to generalize the previous analysis by introducing a multi-country MU model. Moreover, we consider a more general shock structure which is based on price levels instead of (relative price) competitiveness. Furthermore more general inflation dynamics are introduced, i.e. the effects of foreign inflation rates, as suggested by the recent open economies’ literature.1

Suggested Citation

  • Joseph Plasmans & Jacob Engwerda & Bas van Aarle & Giovanni di Bartolomeo & Tomasz Michalak, 2006. "A Multi-Country Closed-Economy MU Model," Dynamic Modeling and Econometrics in Economics and Finance, in: Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations, pages 197-228, Springer.
    • Handle: RePEc:spr:dymchp:978-0-387-27931-2_6
    DOI: 10.1007/0-387-27931-8_6
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