LSM: A DSGE model for Luxembourg
Copyright policy )LSM: A DSGE model for Luxembourg
Luxembourg is a small open economy with a set of particular features, including rather limited competition in the domestic goods market, strong union power, and a segmented labour market for resident and non-resident workers. In this paper we develop a medium scale DSGE model that captures these features, calibrate it to mimic the actual behaviour of the key macroeconomic aggregates, and use it to conduct policy experiments aimed at relaxing some of the existing rigidities in the goods and labour market.
JEL: E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E13 - Neoclassical, 330, DSGE, and Cycles/E.E3.E32 - Business Fluctuations • Cycles, Trade union, JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices, Segmented labor market, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Business Fluctuations, DSGE; Luxembourg; Small open economy; Segmented labor market; Trade union, Small open economy, [SHS.ECO] Humanities and Social Sciences/Economics and Finance
JEL: E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E13 - Neoclassical, 330, DSGE, and Cycles/E.E3.E32 - Business Fluctuations • Cycles, Trade union, JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices, Segmented labor market, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Business Fluctuations, DSGE; Luxembourg; Small open economy; Segmented labor market; Trade union, Small open economy, [SHS.ECO] Humanities and Social Sciences/Economics and Finance
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