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We construct and estimate a model that features endogenous growth and technology diffusion. The spillover effects from research and development provide a link between business cycle fluctuations and long-term growth. Therefore, productivity growth is related to the state of the economy. Shocks...
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inflation. In the 2000s, even larger increases in the price of oil were associated with much milder movements in output and … inflation. Using a structural VAR approach, Blanchard and Gali (2009) argued that this reflected a change in the causal relation … from the price of oil to output and inflation. They then argued that this change could be due to a combination of three …
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In this paper we develop a DSGE model to analyze a macroprudential policy framework. We use it to describe the Hungarian economy and the key regulatory constraints implemented there: the loan-to-value and the debt-service-to-income caps imposed on mortgage borrowers and the minimum capital...
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