Macroeconomic policy in Europe: experiments with monetary responses and fiscal impulses
In this paper we discuss the main model properties of NiGEM, the National Institute's large-scale macroeconometric model. NiGEM is a 'New-Keynesian' model where agents display forward-looking behaviour but there are nominal rigidities slowing adjustment. In a number of policy simulati...
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| Veröffentlicht in: | Economic modelling 2004-09, Vol.21 (5), p.877-931 |
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| container_title | Economic modelling |
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| creator | Byrne, Joseph P Gottschalk, Sylvia D Hurst, Ian Becker, Bettina van Welsum, Desirée Barrell, Ray |
| description | In this paper we discuss the main model properties of NiGEM, the National Institute's large-scale macroeconometric model. NiGEM is a 'New-Keynesian' model where agents display forward-looking behaviour but there are nominal rigidities slowing adjustment. In a number of policy simulations we find there are strong similarities across countries. Nevertheless, Euro Area responses to monetary and fiscal policy are greatest in Germany in NiGEM, whilst these responses are slower in comparison to the US due to greater wage-price inertia. [PUBLICATION ABSTRACT] |
| doi_str_mv | 10.1016/S0264-9993(03)00085-3 |
| format | Article |
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| language | eng |
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| source | RePEc; ScienceDirect Journals (5 years ago - present) |
| subjects | Economic and Monetary Union Economic models Economic policy Economic theory Economics Europe European Monetary Union Macroeconomic policy Macroeconomics Modelling Monetary policy Policy analysis Studies |
| title | Macroeconomic policy in Europe: experiments with monetary responses and fiscal impulses |
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