-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) than when growth is high …

-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) than when growth is high …

a medium-scale new-Keynesian DSGE model with a minimum-distance approach. The DSGE model is shown to be able to …, we identify a steeper new-Keynesian Phillips curve as the key factor behind the DSGE model's ability to replicate the … milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …