Une évaluation structurelle du ratio de sacrifice dans la zone euro
Details
Serval ID
serval:BIB_A84015CA82DE
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
Une évaluation structurelle du ratio de sacrifice dans la zone euro
Journal
Revue d'Economie Politique
Publication state
Published
Issued date
03/2009
Peer-reviewed
Oui
Volume
119
Number
2
Pages
273-299
Language
french
Abstract
In this paper, we seek to evaluate the sacrifice ratio of the euro area using a small DSGE model where prices and wages are sticky. We estimate model's parameters so as to minimize the distance between VAR-based and model-based covariances of a set of variables. The estimated value of the sacrifice ratio reaches 1.30%. In a second step, we proceed to a set of conterfactual exercises in order to highlight the link between the sacrifice ratio and the degree of prices and wages stickiness. We obtain that a decrease of prices stickiness does not necessary result in a decrease of the sacrifice ratio. In addition, the sacrifice ratio rises with the degree of wage stickiness.
Create date
16/01/2012 12:12
Last modification date
20/08/2019 16:12