Une évaluation structurelle du ratio de sacrifice dans la zone euro

Jerome Coffinet and Céline Poilly

Revue d'économie politique, 2009, vol. 119, issue 2, 273-299

Abstract: In this paper, we seek to evaluate the sacrifice ratio of the euro area using a small DSGE model where prices and wages are sticky. We estimate model?s parameters so as to minimize the distance between VAR-based and model-based covariances of a set of variables. The estimated value of the sacrifice ratio reaches 1.30%. In a second step, we proceed to a set of conterfactual exercises in order to highlight the link between the sacrifice ratio and the degree of prices and wages stickiness. We obtain that a decrease of prices stickiness does not necessary result in a decrease of the sacrifice ratio. In addition, the sacrifice ratio rises with the degree of wage stickiness.

Keywords: sacrifice ratio; sticky prices and sticky wages; DSGE model (search for similar items in EconPapers)
Date: 2009
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Working Paper: Une valuation structurelle du ratio de sacrifice dans la zone euro (2007)
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