The Effects of Monetary and Technology Shocks in Three Different Models of the Euro Area*
نویسندگان
چکیده
The purpose of this study is to analyse the dynamic response of a set of euro area macroeconomic variables to monetary policy and technology shocks. We do so by conducting simulations on three different models of the euro area. The first modelling approach corresponds to structural VAR models (SVAR), the second approach uses the NiGEM multi-country model developed by the National Institute of Economic and Social Research (NIESR) and the third approach is a slightly modified version of the Smets and Wouters (2003) Dynamic Stochastic General Equilibrium (DSGE) model.
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