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By introducing external consumption habits and Limited Asset Market Participation in an otherwise standard New Keynesian DSGE model we uncover a causality link between limited asset market participation, consumption inequality and macroeconomic volatility. We also obtain that monetary...
Persistent link: https://www.econbiz.de/10011165254
We reconsider the issue of equilibrium determinacy under the limited asset market participation hypothesis in a medium … have mutually reinforcing adverse effects on determinacy. We therefore uncover a causality link between long-run inequality …
Persistent link: https://www.econbiz.de/10011165261
debate on DSGE models determinacy when the central bank implements a standard Taylor rule. We reconsider the issue here in …
Persistent link: https://www.econbiz.de/10011165330
By introducing external consumption habits and Limited Asset Market Participation in an otherwise standard New Keynesian DSGE model we uncover a causality link between limited asset market participation, consumption inequality and macroeconomic volatility. We also obtain that monetary...
Persistent link: https://www.econbiz.de/10011165378