Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/152483 
Authors: 
Year of Publication: 
2001
Series/Report no.: 
ECB Working Paper No. 49
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Structural models are a powerful tool for business cycle and monetary policy analysis because they are invariant to either policy changes or external shocks. In this paper, we derive a Sidrauski-type 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, some simulations on business cycle and monetary policy analysis will be carried out.
JEL: 
E20
E32
E52
Document Type: 
Working Paper

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