Differences in Resilience Between the Euro-Area and US Economies:
This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run neoclas...
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2004
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run neoclassical and short-run neo-Keynesian features is calibrated to replicate the key properties of the US economy (as in the US Fed's FRB-US model). To this model, features of the euro area's financial and then product and labour markets are added sequentially with a view to replicating what is generally agreed are aspects of the functioning of the euro-area economy (as captured by the ECB's Area-Wide Model). Most of the analysis is conducted assuming identical monetary policy reaction functions, although the sensitivity of the results to this assumption is tested. The results illustrate the importance of adjustment patterns in financial, product and labour markets for economies' ... |
| Beschreibung: | 1 Online-Ressource (34 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/765432685773 |
Internformat
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| spelling | Drew, Aaron Verfasser aut Differences in Resilience Between the Euro-Area and US Economies Aaron Drew, Mike Kennedy and Torsten Sløk = Les différences, en termes de résilience, entre l'économie américaine et celle de la zone euro / Aaron Drew, Mike Kennedy et Torsten Sløk Les différences, en termes de résilience, entre l'économie américaine et celle de la zone euro Paris OECD Publishing 2004 1 Online-Ressource (34 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run neoclassical and short-run neo-Keynesian features is calibrated to replicate the key properties of the US economy (as in the US Fed's FRB-US model). To this model, features of the euro area's financial and then product and labour markets are added sequentially with a view to replicating what is generally agreed are aspects of the functioning of the euro-area economy (as captured by the ECB's Area-Wide Model). Most of the analysis is conducted assuming identical monetary policy reaction functions, although the sensitivity of the results to this assumption is tested. The results illustrate the importance of adjustment patterns in financial, product and labour markets for economies' ... Economics Euro Area United States Kennedy, Mike ctb Sløk, Torsten ctb https://doi.org/10.1787/765432685773 Verlag kostenfrei Volltext |
| spellingShingle | Drew, Aaron Differences in Resilience Between the Euro-Area and US Economies Economics Euro Area United States |
| title | Differences in Resilience Between the Euro-Area and US Economies |
| title_alt | Les différences, en termes de résilience, entre l'économie américaine et celle de la zone euro |
| title_auth | Differences in Resilience Between the Euro-Area and US Economies |
| title_exact_search | Differences in Resilience Between the Euro-Area and US Economies |
| title_exact_search_txtP | Differences in Resilience Between the Euro-Area and US Economies |
| title_full | Differences in Resilience Between the Euro-Area and US Economies Aaron Drew, Mike Kennedy and Torsten Sløk = Les différences, en termes de résilience, entre l'économie américaine et celle de la zone euro / Aaron Drew, Mike Kennedy et Torsten Sløk |
| title_fullStr | Differences in Resilience Between the Euro-Area and US Economies Aaron Drew, Mike Kennedy and Torsten Sløk = Les différences, en termes de résilience, entre l'économie américaine et celle de la zone euro / Aaron Drew, Mike Kennedy et Torsten Sløk |
| title_full_unstemmed | Differences in Resilience Between the Euro-Area and US Economies Aaron Drew, Mike Kennedy and Torsten Sløk = Les différences, en termes de résilience, entre l'économie américaine et celle de la zone euro / Aaron Drew, Mike Kennedy et Torsten Sløk |
| title_short | Differences in Resilience Between the Euro-Area and US Economies |
| title_sort | differences in resilience between the euro area and us economies |
| topic | Economics Euro Area United States |
| topic_facet | Economics Euro Area United States |
| url | https://doi.org/10.1787/765432685773 |
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