Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/144385 
Year of Publication: 
2009
Series/Report no.: 
NBB Working Paper No. 173
Publisher: 
National Bank of Belgium, Brussels
Abstract: 
This paper estimates a medium-scale DSGE model with search unemployment by matching model and data spectra. Price mark-up shocks emerge as the main source of business-cycle fluctuations in the euro area. Key factors in the propagation of these disturbances are a high degree of inflation indexation and a persistent response of monetary policy to deviations from the inflation target
Subjects: 
DSGE models
business cycles
frequency-domain analysis
JEL: 
E32
C51
C52
Document Type: 
Working Paper

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