LEADER 05427nam 2200637Ia 450 001 9910917242803321 005 20200520144314.0 010 $a3-428-51398-3 035 $a(CKB)3240000000033455 035 $a(EBL)1116797 035 $a(OCoLC)828301125 035 $a(SSID)ssj0001017287 035 $a(PQKBManifestationID)11553045 035 $a(PQKBTitleCode)TC0001017287 035 $a(PQKBWorkID)11058540 035 $a(PQKB)10468105 035 $a(MiAaPQ)EBC1116797 035 $a(oapen)https://directory.doabooks.org/handle/20.500.12854/52531 035 $a(EXLCZ)993240000000033455 100 $a20040618d2004 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aMacroeconometric models and European Monetary Union /$fStephen G. Hall, Ullrich Heilemann, and Peter Pauly (eds.) 210 $aBerlin $cDuncker & Humblot$dc2004 215 $a1 online resource (226 p.) 225 1 $aRWI Schriften,$x0720-7212 ;$vHeft 73 300 $aDescription based upon print version of record. 311 $a3-428-11398-5 320 $aIncludes bibliographical references. 327 $aPreface; Contents; Stephen G. Hall, Ullrich Heilemann, and Peter Pauly: Introduction; Lawrence R. Klein: US and NAFTA - Some First Experiences and Modelling; Future prospects; References; Michael Beeby, Stephen G. Hall, and S.G. Brian Henry: Modelling the Euro-11 Economy: A Supply-Side Approach; 1. Introduction; 2. The data; 3. The model; 4. Estimation results; 5. Estimating the NAIRU in the Euro-11; 6. Simulation exercises; 7. Conclusion; Appendix: Estimation Results; References; Mika Kortelainen and David G. Mayes: Using EDGE - A Dynamic General Equilibrium Model of the Euro Area 327 $a1. An outline of the EDGE model2. Calibration; 3. Simulations to set the characteristics of the model; 3.1 A shock from government policy; 3.2 A permanent increase in the equity premium; 3.3 A permanent increase in world demand; 4. Monetary policy simulations; 4.1 A temporary interest rate shock; 4.2 The importance of credibility in monetary policy; 4.3 Learning; 5. Implications; Appendix; 1. List of equations; 2. The steady state model; References; David Rae and David Turner: A Small Global Forecasting Model; 1. Introduction; 2. Overview of the model; 2.1 Inflation 327 $a2.2 GDP and the output gap2.3 Import prices; 2.4 Commodity prices; 2.5 Other variables; 3. Simulation properties; 3.1 The inflationary consequences of a global boom; 3.2 United States domestic demand and monetary policy; 4. Summary and future developments; Annex: Standard simulation results; Appendix - Data Definitions; References; Gabriel Fagan, Je?ro?me Henry, and Ricardo Mestre: Structural Modelling of the Euro Area; 1. The story underlying the history of euro-area modelling at the ECB; 1.1 A specifically challenging context; 1.2 A suite of models, with priority on structural models 327 $a1.3 Two structural models, the AWM and the MCM, supplemented with other tools2. An illustration of the approach: the AWM; 2.1 The AWM Basic structure; 2.2 Long run solution of the model: stylised facts; 2.2.1 Supply side; 2.2.2 Demand side; 2.2.3 Monetary side; 2.3 Long-run and short-run properties of some of the key equations; 2.4 Adjustment to equilibrium and short-run mechanisms: an illustration; 2.5 Evaluation and use of the model; 3. Conclusions; References; Jean Louis Brillet and Maria Dos Santos: The Consequences of EMU Entry for Spain and Portugal - Simulations Using the MacSim System 327 $a1. The model1.1 Introduction; 1.2 The single-country basic model; 1.2.1 Productive investment; 1.2.2 Employment; 1.2.3 Unemployment; 1.2.4 The value added price; 1.2.5 The trade prices; 1.2.6 The wage rate; 1.2.7 The changes in inventories; 1.2.8 Household consumption; 1.2.9 Imports; 1.3 Integrating the financial variables; 1.3.1 The options for the interest rate; 1.3.2 The options for the exchange rate; 1.3.3 Summarizing the influences; 1.3.4 Enhancing the role of interest rates; 1.4 Merging the models; 1.4.1 The exchange block; 1.4.2 The Rest of the World; 2. The model properties 327 $a2.1 Simulation context 330 $aHauptbeschreibung This volume contains the contributions of a conference dealing with the consequences of the European Monetary Union for the macroeconometric modelling of the Euro area, which took place in Essen in 2000. At the end of the conference the participants were convinced that the discussions including a great variety of theoretical, methodical and factual aspects from the producers' as well as the consumers' perspective will not fail to have a certain impact on the future development of macroeconometric modelling in the Euro area. Once more it became clear, howev 410 0$aRWI Schriften ;$vHeft 73. 606 $aMonetary policy$zEuropean Union countries 607 $aEuropean Union countries$xEconomic policy 607 $aEurope$xEconomic integration 615 0$aMonetary policy 676 $a339.5 676 $a339.53 701 $aHall$b S. G$0118939 701 $aHeilemann$b Ullrich$0923986 701 $aPauly$b Peter$0201353 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910917242803321 996 $aMacroeconometric models and European Monetary Union$94303818 997 $aUNINA