An Open Economy Model of the Euro Area and the US
AbstractTaking stock of the recent developments in the New Open Macroeconomics literature, we build a two country Dynamic Stochastic General Equilibrium (DSGE) model of the euro area and the US, with nominal rigidities and imperfect exchange rate passthrough. The model is calibrated using parameters found in the literature. In order to illustrate the model’s dynamics we simulate its response to a number of shocks.
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Bibliographic InfoPaper provided by Banco de Portugal, Economics and Research Department in its series Working Papers with number w200718.
Date of creation: 2007
Date of revision:
Other versions of this item:
- Sandra Gomes & João Sousa, 2007. "An Open Economy Model of the Euro Area and the US," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department.
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
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