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| Tekijä: | Coenen, G. Wieland, V. |
| Otsikko: | A small estimated euro area model with rational expectations and nominal rigidities |
| Lehti: | European Economic Review
2005 : JUL, VOL 49:5, p. 1081-1104 |
| Asiasana: | European Monetary System Currency Macroeconomics Monetary policy Models Europe USA |
| Vapaa asiasana: | EMS EMU |
| Kieli: | eng |
| Tiivistelmä: | A small model of the euro area is estimated for evaluating alternative monetary policy strategies. The fit of the nominal wage contracting Taylor's model (publ. in J. Political Econom. 1980, 88:1) and Buiter's and Jewitt's relative real wage contracting model (publ. in The Manchester School 1981, 49:211, repr. in Buiter (Ed.) are compared, and estimated with U.S. data by Fuhrer and Moore (publ. in Quart. J. Econom. 1995, 110:127). It is found that both specifications fit euro area data reasonably well. When considering France, Germany and Italy separately, however, it is found that nominal contracts fit German data better, while the relative contracting model does well with respect to formerly high inflation countries such as France and Italy. The model is closed by estimating an aggregate demand relationship etc. |
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