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An Estimated New Keynesian Model For The Egyptian Economy, Dalia Elgebaly
An Estimated New Keynesian Model For The Egyptian Economy, Dalia Elgebaly
Master's Theses
This paper aims to identify the drivers of Egypt’s aggregate macro fluctuations during the period 2002-2013. In particular, the paper will empirically investigate the effects of the unexpected shocks to consumers’ preference, cost-push, technology, and monetary policy on the dynamic behavior of output growth, inflation, and short-term nominal interest rate. The paper estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices for Egypt within a New Keynesian framework. The paper uses maximum likelihood, with quarterly data of key macroeconomic variables: GDP, inflation rate, and nominal interest rate from year 2002q1 until 2013q4. We have found that preferences shocks …