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dc.contributor.authorDEÁK, Szabolcs
dc.contributor.authorFONTAGNE, Lionel
dc.contributor.authorMAFFEZZOLI, Marco
dc.contributor.authorMARCELLINO, Massimiliano
dc.date.accessioned2012-09-24T12:01:16Z
dc.date.available2012-09-24T12:01:16Z
dc.date.issued2012
dc.identifier.issn1028-3625
dc.identifier.urihttp://hdl.handle.net/1814/23915
dc.description.abstractThe recent crisis has emphasized the role of financial - macroeconomic interactions, and international trade in goods and services, in the transmission of the shocks. Both phenomena, closely related to the higher degree of globalization, are very relevant for small open economies, and particularly so when a large share of the economy relies on financial and distribution services. Hence, in this paper we propose to incorporate the banking and distribution sectors into a medium scale DSGE model of a small open economy. As an illustration, the resulting model is then calibrated to match the specific characteristics of the Luxembourg economy, where the financial sector plays a key role. We believe that the results are also of more general interest for studying the reaction of small open economies to real and financial shocks.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.relation.ispartofseriesEUI RSCASen
dc.relation.ispartofseries2012/53en
dc.relation.ispartofseriesPierre Werner Chair Programme on Monetary Unionen
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectDSGE modelen
dc.subjectSmall open economyen
dc.subjectBankingen
dc.subjectInternational tradeen
dc.subjectLuxembourgen
dc.subjectSegmented labor marketen
dc.subjectTrade unionen
dc.subjectE13en
dc.subjectE32en
dc.titleThe Banking and Distribution Sectors in a Small Open Economy DSGE Modelen
dc.typeWorking Paperen
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