Master Thesis - Humboldt-UniversitÃ¤t zu Berlin

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Figure 9: Impulse-response analysis: ROW demand shock Figure 10: Impulse-response analysis: Oil price shock 52
Figure 11: Impulse-response analysis: ROW importing price shock Figure 12: Impulse-response analysis: Wage mark-up shock 53
Page 1 and 2: Master Thesis: Monetary and Fiscal
Page 3 and 4: 6.9 ROW demand shock . . . . . . .
Page 5 and 6: Preference shocks, inflation object
Page 7 and 8: the households behavior with respec
Page 9 and 10: 4 The Model Our model consists of t
Page 11 and 12: The effective returns on domestic a
Page 13 and 14: y j t = min { } (1 − ω − ζ)
Page 15 and 16: M T t = M t + O t (17) Non-oil impo
Page 17 and 18: 4.5 Government For simplicity, we a
Page 19 and 20: 5 Model analysis We find it more co
Page 21 and 22: with RP positive. The risk premium
Page 23 and 24: Î t = 1 1 + β (Ît−1 + βÎt+1
Page 25 and 26: W τ t = −Pt C 1 + τt c (1 + λ
Page 27 and 28: an exogenoeus ARMA(1,1) process aro
Page 29 and 30: Households use the following rule f
Page 31 and 32: 5.4 Final goods sector: Optimizatio
Page 33 and 34: ¯M d Ȳ = χ ¯C (1 − θ)( ν Ȳ
Page 35 and 36: P ˆ M d t Pt D − ˆ P M d t−1
Page 37 and 38: In the paper most of the shocks are
Page 39 and 40: 6.7 Capital tax shock Responses of
Page 41 and 42: 7 Conclusions In this model we have
Page 43 and 44: (AWM) for the Euro Area”, ECB Wor
Page 45 and 46: 9 Appendixes 9.1 Appendix 1 Data de
Page 47 and 48: Y: Real GDP (YER) W: Nominal wages
Page 49 and 50: Figure 3: Impulse-response analysis
Page 51: Figure 7: Impulse-response analysis
Page 55 and 56: Figure 14: Impulse-response analysi
Page 57 and 58: Figure 16: Dynare code 57
Page 69: Figure 28: Dynare code 69

Master Thesis - Humboldt-UniversitÃ¤t zu Berlin

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