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An Open Economy Model of the Euro Area and the US

João Sousa (), Nuno Alves and Sandra Gomes ()

Working Papers from Banco de Portugal, Economics and Research Department

Abstract: Taking stock of the recent developments in the New Open Macroeconomics literature, we build a two country Dynamic Stochastic General Equilibrium (DSGE) model of the euro area and the US, with nominal rigidities and imperfect exchange rate passthrough. The model is calibrated using parameters found in the literature. In order to illustrate the model’s dynamics we simulate its response to a number of shocks.

JEL-codes: E5 F4 (search for similar items in EconPapers)
Date: 2007
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