This paper presents an estimated DSGE model for the European Monetary Union. Our approach, contrary to the previous studies, accounts for heterogeneity within the euro area. We advance the empirical literature by estimating an open-economy model with unfiltered data, which is a much more...

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...

Der Beitrag untersucht die sich aus den Luxemburger Beschlüssen sowie weiterführenden Reformen ergebenden Markt- und Wohlfahrtseffekte am EU-Milchmarkt. Im Mittelpunkt steht dabei der bislang wenig beachtete Einfluss instabiler Weltmärkte, der die Politikanalyse in ein unsicheres Umfeld...