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)
Resource Information
The item An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource) represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in European University Institute.This item is available to borrow from 1 library branch.
Resource Information
The item An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource) represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in European University Institute.
This item is available to borrow from 1 library branch.
- 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
- Language
- eng
- Extent
- 65 Pages.
- 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
- 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
- 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)
- 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)
- 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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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.eui.eu/portal/An-estimated-DSGE-model-of-Austria-the-Euro-Area/Meyj5hXlaVI/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.eui.eu/portal/An-estimated-DSGE-model-of-Austria-the-Euro-Area/Meyj5hXlaVI/">An estimated DSGE model of Austria, the Euro Area and the U.S. : some welfare implications of EMU, (electronic resource)</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.eui.eu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.eui.eu/">European University Institute</a></span></span></span></span></div>
