substitution patterns of demand and, as a consequence, oligopolistic firms' pricing strategies. This paper studies such consumers … decrease the demand for those automobiles by 9%; less than the 14% drop predicted by a standard single discrete choice model. …

alternative monetary policy frameworks. In particular, large real adjustment costs in energy supply and demand induce highly … persistent cost-push pressures in the economy leading to a significant deterioration in the inflation - output gap trade …

. This paper investigates the extent to which a credit shock in one country is transmitted to its trade partners. To this end … trade is limited by the calibrated average trade share, which we find insufficient to deliver a sizable recession abroad …. The degree of credit-shock transmission depends on the home bias in international trade and the type of goods countries …