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Monetary Stabilisation in a Currency Union of Small Open Economies
Sanchez, Marcelo - 2021
This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks...
Persistent link: https://www.econbiz.de/10013316488
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Monetary Policy Shocks in a Two-Sector Open Economy : An Empirical Study
Llaudes, Ricardo - 2007
This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame-work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...
Persistent link: https://www.econbiz.de/10012776366
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Large Shocks in Menu Cost Models
Karadi, Peter - 2012
How do prices react to large aggregate shocks? Our new micro-data evidence on value-added tax changes shows that prices react (i) flexibly and (ii) asymmetrically to large positive and negative shocks. We use it to quantitatively evaluate the performance of prominent pricing models. We show that...
Persistent link: https://www.econbiz.de/10013104018
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The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
Christoffel, Kai Philipp - 2006
cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …
Persistent link: https://www.econbiz.de/10012783591
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Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling : Tales from 1001 Shocks
Georgiadis, Georgios - 2017
data on monetary policy shock estimates for 29 economies obtained from more than 280 monetary models in the literature …. Consistent with the predictions from our hypothesis we find: Monetary policy shock estimates obtained from New Keynesian DSGE … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates …
Persistent link: https://www.econbiz.de/10012953383
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Monetary stabilisation in a currency union of small open economies
Sánchez, Marcelo - 2008
This paper studies stabilisation policies in a multi-country currency union of small open economies. It abstracts from key factors favouring currency union formation, such as reduced transaction costs and enhanced credibility, which are exogenous to the factors studied here. Demand-side shocks...
Persistent link: https://www.econbiz.de/10011604973
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Spillover Effects in International Business Cycles
Camacho, Maximo; Perez-Quiros, Gabriel; Pacce, Matias - 2021
To analyze the international transmission of business cycle fluctuations, we propose a new multilevel dynamic factor model with a block structure that (i) does not restrict the factors to being orthogonal and (ii) mixes data sampled at quarterly and monthly frequencies. By means of Monte Carlo...
Persistent link: https://www.econbiz.de/10013315087
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International Transmission and Monetary Policy Cooperation
Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021
We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...
Persistent link: https://www.econbiz.de/10013316628
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Monetary policy shocks in a two-sector open economy: an empirical study
Llaudes, Ricardo - 2007
This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame- work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...
Persistent link: https://www.econbiz.de/10011604845
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The Exchange Rate Insulation Puzzle
Corsetti, Giancarlo; Keuster, Keith; Müller, Gernot J.; … - 2021
We confront the notion that flexible rates insulate a country from external disturbances with new evidence on spillovers from euro-area shocks to neighboring countries. We find that in response to euro-area shocks, spillovers are not smaller, and currency movements not significantly larger, in...
Persistent link: https://www.econbiz.de/10013310363