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The Monetary Transmission Mechanism for a Small Open Economy in a Monetary Union
2009
Authors
Publication Year
2009
JEL Code
E21 - Consumption; Saving
E22 - Capital; Investment (including Inventories); Capacity
E32 - Business Fluctuations; Cycles
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System
E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
F41 - Open Economy Macroeconomics
F42 - International Policy Coordination and Transmission
Abstract
This paper develops a model of a small open economy integrated in a monetary union. The model incorporates the standard nominal and real frictions in the literature. The parameters of the model are calibrated to the Portuguese data and the effects of the standard monetary policy shock are studied.
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