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Using Edge-A Dynamic General Equilibrium Model of the Euro Area. NCRE Online Paper No. 01/01

Kortelainen, Mika and Mayes, David G. (2001) Using Edge-A Dynamic General Equilibrium Model of the Euro Area. NCRE Online Paper No. 01/01. [Policy Paper]

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    Abstract

    This paper presents a new dynamic general equilibrium model with some nominal rigidities that has been calibrated on Euro area data. The model includes consumption/saving decisions using a Blanchard stochastic lifetimes approach; valuation of private financial wealth according to the present value of capital income; overlapping Calvo wage contracts in the labour market and a neoclassical supply side with Cobb-Douglas technology. The structure of the model is explained as is its calibration, using data from new Euro area statistics and experience from the US. The model has been developed for both forecasting and policy stimulation purposes.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > University of Canterbury (NZ), National Centre for Research on Europe > NRCE Online Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 20 May 2009
    Page Range: p. 40
    Last Modified: 15 Feb 2011 18:11
    URI: http://aei.pitt.edu/id/eprint/10954

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