Cova, Pietro; Pagano, Patrizio; Pisani, Massimiliano - Banca d'Italia - 2014
large scale new-Keynesian dynamic general equilibrium model of the world economy, calibrated on the euro area, the United … States, China, Japan and the rest of the world. An increase in global demand for euros would boost euro-area aggregate demand … because of the reduction in euro-area interest rates (the main benefit associated with the “privilege” of being a global …