Macroeconomic policy in Europe: experiments with monetary responses and fiscal impulses

Barrell, Ray, Becker, Bettina, Byrne, Joseph, Gottschalk, Sylvia ORCID: https://orcid.org/0000-0002-8629-7209, Hurst, Ian and van Welsum, Desiree (2004) Macroeconomic policy in Europe: experiments with monetary responses and fiscal impulses. Economic Modelling, 21 (5) . pp. 877-931. ISSN 0264-9993 [Article] (doi:10.1016/j.econmod.2003.10.005)

Abstract

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

Item Type: Article
Research Areas: A. > Business School > Economics
Item ID: 31934
Useful Links:
Depositing User: Sylvia Gottschalk
Date Deposited: 15 Feb 2021 10:40
Last Modified: 20 Jul 2021 09:36
URI: https://eprints.mdx.ac.uk/id/eprint/31934

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