frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for …

effectiveness of monetary policy can be linked to weaker responses of credit costs, suggesting a financial accelerator mechanism … aggregate shocks and the financial accelerator more effective. On the contrary, in high volatility periods banks decrease … leverage, which renders the financial accelerator less effective; this in turn decreases the ability of monetary policy to …

This paper proposes a tractable financial accelerator New Keynesian DSGE modelthat allows for closed-form solutions. In …

. In doing so, we use input parameters and output indicators of 11,076 actual simulation runs and one million emulated runs …

. Here, we compare the simulation properties of five mediumsized general equilibrium models used in Eurosystem central banks … which incorporate such linkages. The financial frictions typically considered are the financial accelerator mechanism … Constraints ; Financial Accelerator ; Model Comparison ; Eurosystem central bank models …