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Financial Factors : Implications for Output Gaps
Rabanal, Pau - 2015
We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level, between 2000-2013. After joining the monetary union, a decline in some...
Persistent link: https://www.econbiz.de/10013016603
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Financial Frictions in Data : Evidence and Impact
Taheri Sanjani, Marzie - 2015
cycle and the credit market. A Bayesian estimation technique is used to estimate a large Vector Auto regression and New … risk and the maturity mismatch channels of monetary policy transmission; I further employ a generalized-IRF to establish … counter-cyclicality of risk spreads; and I show that the maturity mismatch shocks produce a stronger impact than the default …
Persistent link: https://www.econbiz.de/10013028667