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Title:The macroeconomic consequences of EMU: international evidence from a DSGE model PDF Logo
Authors:Jerger, Jürgen
Röhe, Oke
Issue Date:2009
Series/Report no.:Arbeiten aus dem Osteuropa-Institut Regensburg 276
Abstract:In this paper, we estimate a New Keynesian DSGE model developed by Ireland (2003) on French, German and Spanish data with the aim to explore the macroeconomic consequences of EMU. In order to validate the results from the DSGE model, we amend this analysis by stability tests of monetary policy reaction functions for these countries. We find that (a) the DSGE structure is well suited for the characterization of key macroeconomic features of the three economies; (b) significant efficiency gains were realized in terms of lower adjustment cost of prices and the capital stock; (c) the behavior of monetary policy did not change in Germany, unlike in France and Spain. Specifically, the impact of inflation on interest rates increased considerably in the two latter countries.
Subjects:DSGE
Monetary Policy
EMU
JEL:E31
E32
E52
ISBN:978-3-938980-25-5
Document Type:Working Paper
Appears in Collections:Working Papers, Osteuropa-Institut Regensburg / München (OEI)

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