Nolan, Charles; Thoenissen, Christoph - Centre for Dynamic Macroeconomic Analysis, University … - 2005
price business cycle models. We find that modelling firm-specific capital markets greatly reduces the response of inflation … capital. Overall, it is not clear if assuming firm-specific capital helps our models match the US business cycle data. … Universität zu Köln provided useful
comments. All errors are our own.
†
Department of Economics, Castlecliffe, The Scores, St …