By Banco de Portugal
Monetary examine has for lengthy been appeared by means of Banco de Portugal as a primary task to aid the fulﬁlment of its major projects: to keep up cost balance and ﬁnancial balance. the significance of financial study, either basic and utilized, is reﬂected within the technical caliber and rigour of Banco de Portugal’s fiscal research and hence within the caliber of the coverage suggestion at the Portuguese economic climate and at the euro region, in addition to in a good participation in the Eurosystem. The learn caliber of the Economics and learn division used to be additionally well-known - in self reliant reviews - with most sensible rankings in the nationwide critical banks of the Eurosystem, contributing to maintain the celebrated place of this Department.
The dissemination of research and study is a major motor vehicle of data for fiscal brokers, that is really correct within the means of expectancies formation. during this standpoint, Banco de Portugal matters a accomplished diversity of monetary guides, that are aimed toward attaining a large set of audiences.
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Additional resources for The Portuguese Economy in the Context of Economic, Financial and Monetary Integration
10 The technology shock expands temporarily the production capacity of the economy and therefore lowers the marginal cost of production. As a result, the optimal behaviour of firms would be to lower their prices. However, given the existence of nominal rigidities, in particular price stickiness à la Calvo, only a fraction of the firms are re-optimising in each period. Thus, inflation declines sluggishly, with the maximum effect occurring four quarters after the shock. The decline in inflation explains why the short-term interest rate declines while GDP is increasing.
In particular we discuss the importance of rules as an anchor of private expectations, the differences in optimal policies between open and closed economies, the impact stemming from the existence of heterogeneous structures across countries, the importance of market segmentations in order to replicate the optimal allocation in the union, and the interplay between fiscal and monetary policy. Three qualifications should be mentioned regarding the scope of the analysis in this chapter. First, even though we do not focus directly on the Portuguese economy, the lessons emerging from the analysis should be in general extendable to a small open economy highly integrated with the euro area from an economic and financial perspective1 .
This involvedness led many researchers to narrow their focus and analyse the response of the economy to arguably well-known and identified economic shocks. During the past two decades, monetary policy and technology shocks have emerged as the two main benchmarks to analyse the transmission mechanisms in the economy. In this chapter we follow these benchmarks, also to ensure comparability of the results with other studies focusing on the euro area. Accordingly, we present evidence on the transmission of monetary policy and technological shocks in the euro area using vector auto-regressive (VAR) techniques (see Christiano, Eichenbaum and Evans (1999), and Altig, Christiano, Eichenbaum and Linde (2005).