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Business cycle and monetary policy analysis in a structural sticky price model of the euro area

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dc.contributor.authorCasares Polo, Miguel
dc.contributor.departmentEconomíaes_ES
dc.contributor.departmentEkonomiaeu
dc.date.accessioned2016-05-10T07:40:59Z
dc.date.available2016-05-10T07:40:59Z
dc.date.issued2001
dc.description.abstractStructural models are a powerful tool for business cycle and monetary policy analysis because they are assumed to be invariant to either policy changes or external shocks. In this paper, we derive a neoclassical monetary model in which both the demand and supply side are structural in the sense that the behavioral equations obtained are rigorously calculated from optimizing decisions of the individuals. Moreover, we introduce price stickiness on the supply side decisions so as to have relevant short-run real effects of monetary policy through the real interest rate channel. The resulting medium-size model will be calibrated and estimated for the euro area economies. As two examples of the applications of the model for the euro area, some simulations on business cycle and monetary policy analysis will be carried out.en
dc.description.sponsorshipThe author thanks the European Central Bank for financial support and research assistance.en
dc.format.extent36 p.
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://academica-e.unavarra.es/handle/2454/20694
dc.language.isoengen
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.relation.ispartofseries0109en
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)en
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectOptimizing dynamic modelsen
dc.subjectSticky pricesen
dc.subjectBusiness cycleen
dc.subjectTaylor rulesen
dc.titleBusiness cycle and monetary policy analysis in a structural sticky price model of the euro areaen
dc.typeinfo:eu-repo/semantics/workingPaper
dspace.entity.typePublication
relation.isAuthorOfPublication308e2f24-fee5-4ddb-be38-6e7a11cabf44
relation.isAuthorOfPublication.latestForDiscovery308e2f24-fee5-4ddb-be38-6e7a11cabf44

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