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

被引：12
|
作者：
Barrell, R [1 ]
Becker, B [1 ]
Byrne, J [1 ]
Gottschalk, S [1 ]
Hurst, I [1 ]
van Welsum, D [1 ]
机构：
[1] Natl Inst Econ & Social Res, London SW1P 3HE, England
来源：
ECONOMIC MODELLING | 2004年 / 21卷 / 05期
关键词：
macroeconomic modelling; policy analysis; EMU;
D O I：
10.1016/j.econmod.2003.10.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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. (C) 2003 Elsevier B.V. All rights reserved.
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页码：877 / 931
页数：55
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