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Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model

  • Joseph Plasmans

    ()

    (Department of Economics, University of Antwerp)

  • Tomasz Michalak

    ()

    (Department of Economics, University of Antwerp)

  • Jorge Fornero

    ()

    (Department of Economics, University of Antwerp)

In this paper we derive a microfounded macro New Keynesian model for open economies, be them large or small. We consider habit formation in consumption, sectoral linkages, domestic and foreign governments, tradable and non-tradable final and intermediate goods and imperfect pass-through in these sectors. Sticky nominal prices and wages are modeled in a Calvo way. The model economy is composed of a continuum of infinitely-lived consumers and producers for three regions (countries). Numerical simulations and econometric estimations are presented with a focus on a small open economy member of the EMU. Welfare implications of the involved price and wage rigidities are discussed

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Paper provided by National Bank of Belgium in its series Working Paper Research with number 94.

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Length: 74 pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:nbb:reswpp:200610-6
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