Research Catalog

Differences in Resilience Between the Euro-Area and US Economies

Title
Differences in Resilience Between the Euro-Area and US Economies [electronic resource] / Aaron Drew, Mike Kennedy and Torsten Sløk
Author
Drew, Aaron.
Publication
Paris : OECD Publishing, 2004.

Available Online

Full text online available onsite at NYPL

Details

Additional Authors
  • Kennedy, Mike.
  • Sløk, Torsten.
Description
35 p.; 21 x 29.7cm.
Summary
This paper is concerned with how stylised differences in monetary policy transmission mechanisms and product and labour market rigidities between the US and euro-area economies affect their resilience to temporary shocks. To address this issue, a small general equilibrium model with long-run neoclassical and short-run neo-Keynesian features is calibrated to replicate the key properties of the US economy (as in the US Fed's FRB-US model). To this model, features of the euro area's financial and then product and labour markets are added sequentially with a view to replicating what is generally agreed are aspects of the functioning of the euro-area economy (as captured by the ECB's Area-Wide Model). Most of the analysis is conducted assuming identical monetary policy reaction functions, although the sensitivity of the results to this assumption is tested. The results illustrate the importance of adjustment patterns in financial, product and labour markets for economies' ...
Series Statement
OECD Economics Department Working Papers, 1815-1973 ; no.382
Uniform Title
OECD Economics Department Working Papers, no.382.
Subject
  • Economics
  • Euro Area
  • United States
LCCN
10.1787/765432685773
OCLC
oecd-lib
Author
Drew, Aaron.
Title
Differences in Resilience Between the Euro-Area and US Economies [electronic resource] / Aaron Drew, Mike Kennedy and Torsten Sløk
Imprint
Paris : OECD Publishing, 2004.
Series
OECD Economics Department Working Papers, 1815-1973 ; no.382
OECD Economics Department Working Papers, 1815-1973 ; no.382.
Connect to:
Full text online available onsite at NYPL
Indexed Term
Economics
Euro Area
United States
Added Author
Kennedy, Mike.
Sløk, Torsten.
Other Standard Identifier
10.1787/765432685773 doi
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