Evaluating a monetary business cycle model with unemployment for the euro area

This paper estimates a medium-scale DSGE model with search unemployment by matching model and data spectra. Price markup shocks emerge as the main source of business-cycle fluctuations in the euro area. Key for the propagation of these disturbances are a high degree of inflation ndexation and a persistent response of monetary policy to deviations of inflation from the target.

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Year of publication:	2009-09
Authors:	Groshenny, Nicolas
Institutions:	Reserve Bank of New Zealand

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Series:	Reserve Bank of New Zealand Discussion Paper Series.
Type of publication:	Book / Working Paper
Notes:	Number DP2009/08 44 pages longp
Classification:	E32 - Business Fluctuations; Cycles ; C51 - Model Construction and Estimation ; C52 - Model Evaluation and Testing
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004981583