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precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE … and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a …
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SHOCKS AND THE BUSINESS CYCLE IN AN ESTIMATED DSGE MODEL -- VI. CONCLUSIONS -- VII. ADDENDUM: A RESPONSE TO ELLEN MCGRATTAN …
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This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on...
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