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Chocs d’Offre et Optimalité de la Politique Monétaire dans la Zone Euro

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Author Info
Fève, P.
Matheron, J.
Sahuc, J-G.

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Abstract

This article assesses monetary policy's performances in the Euro zone in the face of supply shocks. We determine the responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural VAR model. We then develop a DSGE model with nominal rigidities subject to the optimal monetary policy. The model is estimated and tested on the basis of its ability to reproduce the responses drawn from the VAR model. Our results suggest that assuming optimal monetary policy allows for a satisfying fit to the data.

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File URL: http://www.banque-france.fr/fr/publications/telechar/ner/ner200.pdf
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Publisher Info
Paper provided by Banque de France in its series Documents de Travail with number 200.

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Length: 13 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:bfr:banfra:200

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Postal: Banque de France 31 Rue Croix des Petits Champs LABOLOG - 49-1404 75049 PARIS
Web page: http://www.banque-france.fr/
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Related research
Keywords: Supply shocks ; SVAR ; Optimal Monetary Policy.;

Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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This page was last updated on 2009-12-2.

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