United States vs the euro area
Monetary policy is found to have a greater real impact in the eurozone than in the United States, research published by the Bank of Spain finds.
The research, published in June, presents US and euro-area estimates for a fully heterogeneous model, in which there is a continuum of firms setting prices with a constant probability of adjustment, which may differ from firm to firm. The estimated model accurately matches the empirical distribution function of individual price durations for the United
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