in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …

. Our results show that given the current degree of openness of the US and euro area economies, the gains from monetary …

developments in the euro area since the start of EMU. …

the effects of monetary policy shocks on wages and employment in the euro area. The use of a large data set comprising … country, sectoral and euro area-wide data allows us to better identify common monetary policy shocks in the euro area and …

description of the two main aggregate euro area models at the ECB. Both models share a common core but their detailed … block, which is useful for conditioning the euro area projections on assumptions about foreign economic activity, prices and …