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This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...
Persistent link: https://www.econbiz.de/10003529984
firm, in which banks de-cide on their loan supply in the light of uncertainty about the future course of monetary policy …
Persistent link: https://www.econbiz.de/10002461799