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This paper estimates an open economy DSGE model with financial accelerator à la Bernanke et al. (1999)2, enriched with …, indicating the importance of the financial accelerator and the potential balance sheet vulnerabilities for macroeconomic … fluctuations. Furthermore, results of the impulse responses functions model support that the inclusion of the financial accelerator …
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We present a two-country New Open Economy Macro model of the Austrian economy within the European Union's Economic & Monetary Union (EMU). The model includes both nominal and real frictions that have proven to be important in matching business cycle facts, and that allows for an investigation of...
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The aim of this paper is to assess the impact of the interbank market on the business cycle fluctuations. In order to do that, we build a DSGE model with heterogeneous households and banks. The surplus bank can allocate its resources between interbank lending and risk free government bonds. This...
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