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, Denmark, and Italy based on the cointegrated VAR model. It provides empirical results on the macroeconomic effects of joining …
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This paper studies the dynamic response of a few key macroeconomic variables to each one of three exogenous shocks: monetary, government spending and technological shocks. By using a cash in advance model with two market frictions, one in the intermediation of loanable funds, and one in the...
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