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dc.contributor.authorPlasmans, Josephen
dc.contributor.authorFornero, Jorgeen
dc.contributor.authorMichalak, Tomaszen
dc.date.accessioned2007-07-27-
dc.date.accessioned2009-07-28T08:15:54Z-
dc.date.available2009-07-28T08:15:54Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2052en
dc.subject.jelE31en
dc.subject.jelD21en
dc.subject.jelF41en
dc.subject.jelP24en
dc.subject.ddc330en
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwOffene Volkswirtschaften
dc.subject.stwMehr-Sektoren-Modellen
dc.subject.stwHandelbares Guten
dc.subject.stwNicht-handelbares Guten
dc.subject.stwVorprodukten
dc.subject.stwMikroökonomische Fundierungen
dc.subject.stwTheorieen
dc.titleA microfounded sectoral model for open economies-
dc.typeWorking Paperen
dc.identifier.ppn538343370en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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