The Resource An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource)

An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource)

Label
An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU
Title
An estimated DSGE model of Austria, the Euro Area and the U.S.
Title remainder
some welfare implications of EMU
Creator
Contributor
Language
eng
Summary
We build a fully microfunded dynamic stochastic general equilibrium (DSGE) model, which is estimated employing Bayesian methods. The model captures the most salient features of Austria as a small open economy, the Euro Area (EA) and the United States (U.S.). Further analysis is conducted through numerical simulations to examine how nominal and real shocks are propagated. Besides, welfare costs of nominal rigidities are calculated. We distinguish two sample periods, 'pre-EMU'. In the former, we maintain the assumption of full commitment of respective (independent) Central Banks towards their monetary rules, whereas in the latter, the monetary policy of Austria is fully aligned with the European Central Bank. Main reasults are derived from Bayesian estimation and simulation of the estimated model. Welfare calculations from the estimated model suggest that in the pre-EMU period, the EA and Austria present welfare costs close to one percent of steady-state consumption, whereas U.S. welfare costs is slightly higher (-1.52 percent). As it would be expected, in the second subsample welfare costs in the EA decrease, indicating an improvement in the allocation during the EMU regime (similarly in the U.S.), whereas in Austria welfare costs go up
Member of
Cataloging source
IT-FiEUI
http://library.link/vocab/creatorDate
1944-
http://library.link/vocab/creatorName
Breuss, Fritz
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Fornero, Jorge A
  • Wirtschaftsuniversität Wien
Series statement
EI working papers
Series volume
81
Label
An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource)
Link
http://epub.wu.ac.at/cgi/search/simple?q=ei+working+papers&_action_search=Search&_order=bytitle&basic_srchtype=ALL&_satisfyall=ALL
Instantiates
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
FIEb16958597
Extent
65 Pages.
Form of item
electronic
Media category
computer
Media MARC source
rdamedia.
Media type code
  • c
Specific material designation
remote
System control number
(OCoLC)1088480303
Label
An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource)
Link
http://epub.wu.ac.at/cgi/search/simple?q=ei+working+papers&_action_search=Search&_order=bytitle&basic_srchtype=ALL&_satisfyall=ALL
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
FIEb16958597
Extent
65 Pages.
Form of item
electronic
Media category
computer
Media MARC source
rdamedia.
Media type code
  • c
Specific material designation
remote
System control number
(OCoLC)1088480303

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