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- Title
A NOTE ON THE REAL EFFECTS OF MONETARY SHOCKS: A LIMITED PARTICIPATION MODEL.
- Authors
Gutiérrez, Pedro J.; Palmero, Carlos R.
- Abstract
This paper presents a monetary stochastic general equilibrium model that allows the real cyclical movements of the economy to be explained as a consequence of exogenous monetary, public spending, and technology shocks. The model is calibrated and simulated, and its accuracy in replicating the cyclical movements in the real variables is compared with that of the standard real business cycle (RBC) model. We find that our model fits the observed data better than the existing RBC models, especially for the labor market.
- Subjects
MONETARY systems; ECONOMIC shock; STOCHASTIC models; ECONOMIC equilibrium; PUBLIC spending; REAL variables; LABOR market
- Publication
Macroeconomic Dynamics, 2013, Vol 17, Issue 4, p936
- ISSN
1365-1005
- Publication type
Article
- DOI
10.1017/S1365100511000617