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Monetary policy in the Euro-Area: An analysis using a stylized new-Keynesian model

Harry Garretsen, Cindy Moons and Bas van Aarle

Working Papers from University of Antwerp, Faculty of Business and Economics

Abstract: This paper analyses monetary policy in the Euro-Area using a stylized new-Keynesian model. A number of issues are focused upon: (i) optimal monetary policy under commitment and discretion, (ii) a comparison of optimal monetary policies and ad-hoc monetary policies, (iii) the effects of fiscal policies and foreign variables on monetary policy in the model. Using numerical simulations, it is analyzed how these aspects affect monetary policy of the ECB in particular and macro economic fluctuations in the Euro-Area in general.

Keywords: EMU; Fiscal policy; Monetary policy (search for similar items in EconPapers)
JEL-codes: F31 F41 G15 (search for similar items in EconPapers)
Pages: 32 pages
New Economics Papers: this item is included in nep-cba, nep-eec, nep-fmk, nep-mac and nep-mon
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ant:wpaper:2005032

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