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Foreign driven medium-term oscillations that originate from uctuations in technological frontier countries gained widespread attention among policymakers. To study this phenomenon in the context of domestic and other foreign drivers of the euro area business cycle, we develop a medium-scale,...
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accumulation theory. We also introduce a mechanism that endogenously determines fiscal expenditure by adding the price for public … of estimating a DSGE model, we propose three principles: estimate most of the parameters by Bayes estimation, adjust the … Bayes estimation over and over again based on the difference between the posterior distribution and the prior distribution …
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