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EU cohesion policy supports investment in infrastructure, R&D and human capital in Europe’s poorer regions. This chapter summarises model-based assessments of the potential macro-economic impact of these fiscal transfers using a micro-founded dynamic general equilibrium model with...
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In this paper, we outline a version of the New Area-Wide Model (NAWM) of the euro area designed for use in the (Broad) Macroeconomic Projection Exercises regularly undertaken by ECB/Eurosystem staff. We present estimation results for the NAWM that are obtained by employing Bayesian inference...
Persistent link: https://www.econbiz.de/10003790951
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In this paper, we outline a version of the New Area-Wide Model (NAWM) of the euro area designed for use in the (Broad) Macroeconomic Projection Exercises regularly undertaken by ECB/Eurosystem staff. We present estimation results for the NAWM that are obtained by employing Bayesian inference...
Persistent link: https://www.econbiz.de/10012770293
Persistent link: https://www.econbiz.de/10003761265
We explore the connection between inflation and its higher-order moments for three economies in the periphery of the … European Union (E.U.), Greece, Portugal and Spain. Motivated by a micro-founded model of inflation determination, along the … producer prices affect the path of inflation. We develop our analysis with the perspective of economic integration/inflation …
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