Macroeconomic Patterns and Monetary Policy in the Run-Up to Asset Price Busts Pau Rabanal

ISBN: 9781282844490

Published: March 31st 2004

ebook

39 pages


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Macroeconomic Patterns and Monetary Policy in the Run-Up to Asset Price Busts  by  Pau Rabanal

Macroeconomic Patterns and Monetary Policy in the Run-Up to Asset Price Busts by Pau Rabanal
March 31st 2004 | ebook | PDF, EPUB, FB2, DjVu, audiobook, mp3, ZIP | 39 pages | ISBN: 9781282844490 | 5.48 Mb

This paper uses a dynamic economy model, with unionized labor markets, to analyze the effects of labor market reforms, similar to those recently introduced in Germany, on the domestic and trading partner economies. The model is calibrated on GermanyMoreThis paper uses a dynamic economy model, with unionized labor markets, to analyze the effects of labor market reforms, similar to those recently introduced in Germany, on the domestic and trading partner economies.

The model is calibrated on Germany and the rest of the Euro area. The results indicate that German labor market reforms have positive spillover effects on the rest of the Euro area, which operate through the channel of trade, relative price adjustment, and financial market integration. Compared to a competitive labor market, setting, unionization dampens the positive response of the domestic economy and magnifies the spillover effects.



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