demand, consistent with the effect of a consumption preference shock predicted by the model …

employment adjustment implies a key role for labor markets in determining shock propagation. We consider three policy instruments … to analyze the steady state and dynamic effects of tax reforms: the marginal tax rate and replacement ratio amplify shock … initially proportional, increasing progression is beneficial for output and employment and dampens shock responses of …

allow for its somewhat simplified empirical estimation. The model now exhibits a Taylor interest rate rule in the place of …

typical NAC perceives an EU technology disturbance as a positive supply shock and an EU monetary expansion as a negative … demand shock. When we split the seven countries into two groups, results for group one which includes the Czech Republic …, Hungary, Poland and Slovakia suggest that an EU supply shock feeds through as a demand shock, increasing both prices and …

The New-Keynesian Phillips curve plays a central role in modern macroeconomic theory. A vast empirical literature has …