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Globalization, EU enlargement and income distribution
Breuss, Fritz - 2007
factors of production (capital and labor). In contrast, the consequences of FDI from the capital abundant country (EU) to the … country CGE model, including the EU and the CEEC. A panel regression for both regions separately, helps to decide empirically … advantage (increase in global net trade) has contributed to a decline in the labor income shares in the EU. Additionally, those …
Persistent link: https://www.econbiz.de/10011347055
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International transmission and monetary policy cooperation
Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008
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/10003636288
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Price shocks in general equilibrium : alternative specifications
De Walque, Gregory; Smets, Frank; Wouters, Rafael - In: CESifo economic studies : CESifo, a joint initiative of … 52 (2006) 1, pp. 153-176
Smets and Wouters (2003) find that at short- and medium-term horizons stochastic variations in the goods market mark-up are the most important source of inflation variability in the euro area. This article shows that an empirically plausible alternative interpretation is that the estimated price...
Persistent link: https://www.econbiz.de/10003324477
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Forecasting with a Bayesian DSGE model : an application to the euro area
Smets, Frank; Wouters, Rafael - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10003285769
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An estimated two-country DSGE model of Austria and the Euro Area
Breuss, Fritz; Rabitsch, Katrin - In: Empirica : journal of european economics 36 (2009) 1, pp. 123-158
Persistent link: https://www.econbiz.de/10003818926
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Globalization, EU enlargement and income distribution
Breuss, Fritz - 2007
Persistent link: https://www.econbiz.de/10003819834
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An estimated two-country DSGE model of Austria and the Euro Area
Breuss, Fritz; Rabitsch, Katrin - 2008
Persistent link: https://www.econbiz.de/10003820637
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Real wages and monetary policy transmission in the euro area
McCallum, Andrew (contributor); Smets, Frank (contributor) - 2007
We use the Factor-Augmented Vector Autoregression (FAVAR) approach of Bernanke, Boivin and Eliasz (2005) to estimate 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...
Persistent link: https://www.econbiz.de/10003486502
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International transmission and monetary policy cooperation
Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - In: International dimensions of monetary policy : [... …, (pp. 157-192). 2009
Persistent link: https://www.econbiz.de/10003951248
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Globalisation, EU enlargement and income distribution
Breuss, Fritz - In: International journal of public policy 6 (2010) 1/2, pp. 16-34
Persistent link: https://www.econbiz.de/10003997301