The business cycle implications of the euro adoption in Poland. .作者:Gradzewicz, Michał1
Makarski, Krzysztof1,2
krzysztof.makarski@nbp.pl.
来源:Applied Economics; Jun2013, Vol. 45 Issue 17, p2443-2455, 13p.
文献类型:Article.
主题语:*MONETARY unions
*RESEARCH
*MONETARY policy
*ECONOMETRIC models
*EUROPEAN currency unit
*MACROECONOMICS
*MATHEMATICAL models
*EQUILIBRIUM (Economics)
*ECONOMIC forecasting.
地理术语:POLAND.
作者提供的关键字:DSGE
EMU accession countries
euro
monetary policy.
摘要:This article analyses the macroeconomic impact of the loss of autonomous monetary policy after the euro adoption in Poland. Using a two-country Dynamic Stochastic General Equilibrium (DSGE) model with sticky prices and wages, we find that the euro adoption will have a noticeable impact on the magnitude of economic fluctuations. In particular, the volatility of output, interest rate, consumption and employment is expected to increase while the volatility of inflation should decrease. Also, in order to quantify the effect of the euro adoption, we compute the welfare effect of this monetary policy change. Our findings suggest that the welfare cost is not large. [ABSTRACT FROM PUBLISHER].
Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.).
作者单位:1National Bank of Poland, Economic Institute, Poland
2Department of Economics I, Warsaw School of Economics, Poland.
ISSN:00036846.
DOI:10.1080/00036846.2012.667550.
入藏编号:74220075.
数据库: Business Source Premier.