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This paper examines the behavior of the finance premium after technology and monetary shocks in a dynamic stochastic general equilibrium (DSGE) model where borrowers use a fraction of their production (output) as collateral. We show that this simple framework is capable of producing a...
Persistent link: https://www.econbiz.de/10011750128
The New Keynesian Phillips Curve (NKPC), driven by unit labor costs has been criticized for failing to match inflation dynamics and for explaining the duration of price contracts. This paper extends recent attempts in the literature to improve the fit of the NKPC, by introducing a fuller...
Persistent link: https://www.econbiz.de/10011750130
Persistent link: https://www.econbiz.de/10011120994