Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/220253 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Discussion Paper No. 164
Verlag: 
Institute for Applied Economic Research (ipea), Brasília
Zusammenfassung: 
We build a two-country version of the model in Gali & Monacelli (2005), which extends for a small open economy the new Keynesain DSGE model used as tool for monetary policy analysis in closed economies. A distinctive feature of the model is that the terms of trade enters directly into the new Keynesian Phillips curve as a new pushing-cost variable feeding the inflation. Furthermore, home bias in households' preferences allows for real exchange rate fluctuation, giving rise to alternative channels of monetary transmission. Unlike most part of the literature, the small domestic open economy is derived as a limit case of the two-coutry model, rather than assuming exogenous processes for the foreign variables. This procedure preserves the role played by foreign nominal frictions in the way as international monetary policy shocks are conveyed into the small domestic economy.
Schlagwörter: 
new Keynesian Phillips curve
sticky prices
home bias
open economy
JEL: 
E32
E52
F41
Dokumentart: 
Working Paper

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