in a small open economy New Keynesian DSGE model including oil as a production input and a component of final demand. It … rigidity and their interaction on the policy trade-off induced by the oil price shock. While the degree of price rigidity alone … is found to have little impact on the shock transmission and generates only small differences between alternative …

This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock …

should monetary policy react to oil-price shocks in order to minimize such adverse macroeconomic effects? We build a DSGE …

stickiness, for optimal monetary policy in a calibrated small open economy DSGE model including oil in production and consumption …

investment. This indicate that shock in oil prices leads to a reduction in investment. It is therefore recommended that …

Using Bayesian maximum likelihood and data for Portugal, I estimate a New Keynesian DSGE model allowing for the …

Keynesian DSGE model is specifi ed. Results of this model are used as a benchmark. These results are obtained using Bayesian … an interesting output as a shock decomposition of both the observed variables. The main finding of this paper is that the … the Bayesian comparison of the DSGE models. The key output is that a forward-looking monetary policy rule significantly …

The paper deals with a baseline New Keynesian DSGE model for a closed economy. The model follows the concept of the New …