Monetary union with sticky prices and direct spillover channels
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- 作者：Benjamin Schä ; fer benjamin.schaefer@uni-siegen.de" class="auth_mail" title="E-mail the corresponding author economics@benjaminschaefer.de" class="auth_mail" title="E-mail the corresponding author
- 关键词：Monetary Unions ; EMU ; Sticky-price models ; Real spillovers ; Monetary policy analysis
- 刊名：Journal of Macroeconomics
- 出版年：2016
- 出版时间：September 2016
- 年：2016
- 卷：49
- 期：Complete
- 页码：99-118
- 全文大小：888 K
文摘
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I derive a micro-founded, log-linear DSGE of a monetary union with sticky prices.
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Different from the literature, the spillovers are directly in the laws-of-motion.
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Simulations suggest easy absorption of common shocks.
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Idiosyncratic shocks lead to oscillating behaviour.