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dc.contributor.authorPlasmans, Josephen_US
dc.contributor.authorFornero, Jorgeen_US
dc.contributor.authorMichalak, Tomaszen_US
dc.date.accessioned2007-07-27en_US
dc.date.accessioned2009-07-28T08:15:54Z-
dc.date.available2009-07-28T08:15:54Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/26097-
dc.description.abstractIn 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.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2052en_US
dc.subject.jelE31en_US
dc.subject.jelD21en_US
dc.subject.jelF41en_US
dc.subject.jelP24en_US
dc.subject.ddc330en_US
dc.subject.stwUngleichgewichtstheorieen_US
dc.subject.stwOffene Volkswirtschaften_US
dc.subject.stwMehr-Sektoren-Modellen_US
dc.subject.stwHandelbares Guten_US
dc.subject.stwNicht-handelbares Guten_US
dc.subject.stwVorprodukten_US
dc.subject.stwMikroökonomische Fundierungen_US
dc.subject.stwTheorieen_US
dc.titleA microfounded sectoral model for open economiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn538343370en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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