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An Open-Economy DSGE Model of the Euro Area
Pascal Jacquinot
Ricardo Mestre
Martin Spitzer
出版
SSRN
, 2008
URL
http://books.google.com.hk/books?id=3cPjzwEACAAJ&hl=&source=gbs_api
註釋
An open-economy DSGE model for the euro area is presented, with the explicit aim to model the price pass-through for foreign shocks, with a special emphasis on oil price shocks. The model includes a multiple-sector supply side with explicit use of energy as a factor of production and the presence of distribution costs. The model is augmented with an almost symmetric rest of the world and a simpli𓏭 set of equations for energy-exporting countries. Calibration of the model is done suing extensive use of data, including input-output tables. The conclusion is that a modelling of imports as input factors, not only ijnal-demand goods, may help mapping the structure into the data and provide a more robust analysis of the pass-through.
