Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2015
the monetary policy rate is stuck at the zero lower bound (ZLB) in a monetary union. We calibrate a large-scale multi …-country multi-sector dynamic general equilibrium model to one region within the euro area, the rest of the euro area and the rest of … euro area can favor an earlier exit from the ZLB if they have sufficiently inflationary effects, which happens when the …