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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2009/3
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
We examine a two country model of the EU and the US. Each has a small sector of the labour and product markets in which there is wage/price rigidity, but otherwise enjoys flexible wages and prices with a one quarter information lag. Using a VAR to represent the data, we find the model as a whole is rejected. However it is accepted for real variables, output and the real exchange rate, suggesting mis-specification lies in monetary relationships. The model highlights a lack of spillovers between the US and the EU.
Schlagwörter: 
Bootstrap
Open economy model
DSGE
VAR
New Keynesian
New Classical
indirect inference
Wald statistic
JEL: 
C12
C32
C52
E1
Dokumentart: 
Working Paper

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