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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/26097
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Plasmans, Joseph | | en_US |
| dc.contributor.author | | Fornero, Jorge | | en_US |
| dc.contributor.author | | Michalak, Tomasz | | en_US |
| dc.date.accessioned | | 2007-07-27 | | en_US |
| dc.date.accessioned | | 2009-07-28T08:15:54Z | | - |
| dc.date.available | | 2009-07-28T08:15:54Z | | - |
| dc.date.issued | | 2007 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/26097 | | - |
| dc.description.abstract | | In this paper we derive a microfounded macro New Keynesian model for open economies, be them large or small. We consider habit formation in consumption, sectoral linkages for tradable and non-tradable goods, capital stock investments with variable capital utilization, domestic and foreign governments, imperfect (exchange rate) pass-through in import prices and incomplete international financial markets. Sticky nominal prices and wages are modeled in Calvo and Taylor staggered ways. The model economy is composed of a continuum of infinitely-lived consumers and producers of final and intermediate goods. We provide a very general log-linearization method, from which we can easily obtain various special cases, as trend inflation or steady-state log-linearizations. Numerical simulations of the two-country sectoral model are provided for a relatively large number of structural shocks as domestic and foreign productivity shocks in final tradables and non-tradables, money demand shocks and a shock in the exchange rate. Such a model is well suited for monetary policy analysis at the international level and risk analysis. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper 2052 | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.jel | | D21 | | en_US |
| dc.subject.jel | | F41 | | en_US |
| dc.subject.jel | | P24 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.stw | | Ungleichgewichtstheorie | | en_US |
| dc.subject.stw | | Offene Volkswirtschaft | | en_US |
| dc.subject.stw | | Mehr-Sektoren-Modell | | en_US |
| dc.subject.stw | | Handelbares Gut | | en_US |
| dc.subject.stw | | Nicht-handelbares Gut | | en_US |
| dc.subject.stw | | Vorprodukt | | en_US |
| dc.subject.stw | | Mikroökonomische Fundierung | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | A microfounded sectoral model for open economies | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 538343370 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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