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- W2739916511 abstract "In this paper, we investigate the implications of heterogeneity of behaviors within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which difference between structural parameters across countries is allowed. Using Bayesian techniques, we estimate and compare the empirical performances of the MCM and its area-wide counterpart (AWM). We then question which model is most appropriate for monetary policy purposes. In addition to the utility-based loss function that is consistent with the theoretical model, we also consider ad-hoc loss functions that introduce interest-rate smoothing as an objective for the central bank. Our results show (i) that using an AWM has a cost of about 36 percent in terms of welfare, and (ii) that allowing some concern for interest-rate smoothing may reduce the cost, but no lower than 9 percent." @default.
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- W2739916511 date "2004-01-01" @default.
- W2739916511 modified "2023-09-27" @default.
- W2739916511 title "Should the ECB Be Concerned about Heterogeneity? An Estimated Multi-Country Model Analysis ∗" @default.
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