Kiel Working Papers, Kiel Institute for World Economics
No 1204:
Investigating the Impact of an Appreciation of the Euro in a Small Macroeconometric Model of Germany and the Euro Area
Carsten-Patrick Meier
Abstract: Since the start of European monetary union, the
macroeconomic situation in Germany can in many respects only be analyzed in
combination with the situation in the rest of the euro area. To take this
into account, a small macroeconometric model is constructed that models the
euro area as consisting of two regions, Germany and the rest of the euro
area. The rest of the world is treated as exogenous. Given problems with
modelling the relevant relationships in a standard vector autoregression
approach, the model is set up as a dynamic simultaneous equations model.
The model is used to study the impact of monetary policy or of exchange
rate changes on economic activity in Germany and the euro area.
Keywords: Macroeconometric model for Germany, euro area, appreciation; (follow links to similar papers)
JEL-Codes: E17,; F47; (follow links to similar papers)
21 pages, November 2004
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