Evaluating a monetary business cycle model with unemployment for the euro area

Nicolas Groshenny ()

No DP2009/08, Reserve Bank of New Zealand Discussion Paper Series from Reserve Bank of New Zealand

Abstract: This paper estimates a medium-scale DSGE model with search unemployment by matching model and data spectra. Price markup shocks emerge as the main source of business-cycle fluctuations in the euro area. Key for the propagation of these disturbances are a high degree of inflation ndexation and a persistent response of monetary policy to deviations of inflation from the target.

JEL-codes: E32 C51 C52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-dge, nep-eec, nep-mac, nep-mon and nep-opm
Date: 2009-09
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Working Paper: Evaluating a monetary business cycle model with unemployment for the euro area (2009)
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Persistent link: http://EconPapers.repec.org/RePEc:nzb:nzbdps:2009/08

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