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An Open Economy Model of the Euro Area and the US

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  • Nuno Alves
  • Sandra Gomes
  • João Sousa

Abstract

Taking 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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File URL: http://www.bportugal.pt/en-US/BdP%20Publications%20Research/WP200718.pdf
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Bibliographic Info

Paper provided by Banco de Portugal, Economics and Research Department in its series Working Papers with number w200718.

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Date of creation: 2007
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Handle: RePEc:ptu:wpaper:w200718

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  1. Erceg, Christopher J. & Henderson, Dale W. & Levin, Andrew T., 2000. "Optimal monetary policy with staggered wage and price contracts," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 281-313, October.
  2. Adolfson, Malin & Laséen, Stefan & Lindé, Jesper & Villani, Mattias, 2008. "Empirical Properties Of Closed- And Open-Economy Dsge Models Of The Euro Area," Macroeconomic Dynamics, Cambridge University Press, vol. 12(S1), pages 2-19, April.
  3. Adolfson, Malin & Laséen, Stefan & Lindé, Jesper & Villani, Mattias, 2005. "Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through," Working Paper Series 179, Sveriges Riksbank (Central Bank of Sweden).
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Cited by:
  1. Sandra Gomes & Pascal Jacquinot & Massimiliano Pisani, 2010. "The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area," Temi di discussione (Economic working papers) 770, Bank of Italy, Economic Research and International Relations Area.

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