Pariès, Matthieu Darracq; Sørensen, Christoffer Kok; … - In: International Journal of Central Banking 7 (2011) 4, pp. 49-113
This article analyzes the role of credit market frictions in business-cycle fluctuations and in the transmission of monetary policy. We estimate a closed-economy dynamic stochastic general equilibrium (DSGE) model for the euro area with financially constrained households and firms and embedding...