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Macroeconomic Policy in Europe: Experiments with monetary responses and fiscal impulses

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Author Info
Ray Barrell ()
Bettina Becker ()
Joseph P Byrne ()
Sylvia Gottschalk ()
Ian Hurst
Desirée van Welsum

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Abstract

In this paper we discuss the main model properties of NiGEM, the National Institute’s large-scale macroeconometric model. NiGEM is a ‘New-Keynesian’ 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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Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 218.

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Date of creation: Jun 2003
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Handle: RePEc:nsr:niesrd:218

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