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The business cycle implications of the euro adoption in Poland
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暂无该文献原文收藏信息 【作 者】Michał Gradzewicz;Krzysztof Makarski
【刊 名】Applied Economics
【出版日期】2013
【卷 号】Vol.45
【期 号】No.17
【页 码】2443-2455
【关键词】monetary policy;EMU accession countries;euro;DSGE
【摘 要】This article analyses the macroeconomic impact of the loss of autonomous monetary policy after the euro adoption in Poland. Using a two-country Dynamic Stochastic General Equilibrium (DSGE) model with sticky prices and wages, we find that the euro adoption will have a noticeable impact on the magnitude of economic fluctuations. In particular, the volatility of output, interest rate, consumption and employment is expected to increase while the volatility of inflation should decrease. Also, in order to quantify the effect of the euro adoption, we compute the welfare effect of this monetary policy change. Our findings suggest that the welfare cost is not large.
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