Görtz, Christoph; Tsoukalas, John D. - Centre pour la Recherche Économique et ses … - 2012
We estimate a two-sector DSGE model with financial intermediaries—a-la Gertler and Karadi (2011) and Gertler and Kiyotaki (2010)—and quantify the importance of news shocks in accounting for aggregate and sectoral fluctuations. Our results indicate a significant role of financial market news...