Two adaptations for DSGE models: international trade patterns and balance sheet monetary policy in open economies
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2024-05-17
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Teles, Vladimir Kuhl
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The present paper adapts the framework of Open Economy DSGE models to explore two central topics that impacted monetary policy recently: (i) the existence of differentiated international trade patterns that might be subjected to disruption and (ii) the international impact of monetary policy when the monetary authority does not only settle the short-term nominal interest rate, but also acts through its balance sheet. The adaptations of the baseline Open Economy DSGE model suggested enable the analysis of the transmission of productivity and monetary policy shocks. These adaptations generate relevant differences in the response of macroeconomic aggregates to the shocks and are, therefore, relevant for consideration when conducting monetary policy.