Ahrend, Rudiger; Moeser, Charlotte; Monacelli, Tommaso - Economics Department, Organisation de Coopération et … - 2011
This paper examines how the the distributive impact of macroeconomic shocks is shaped by selected institutions. It uses a dynamic stochastic general equilibrium (DSGE) framework with heterogeneous agents and an endogenous collateral constraint. The model is based on the “credit view” of...
