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monetary policy. We find that an identically-sized policy shock became less effective over time. We use a DSGE model to show …
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Our paper addresses the issue on the interaction between monetary and macroprudential policies in small open economies for different exchange rate regimes. The need for macroprudential policy arises from exacerbated macroeconomic fluctuations due to frictions in the financial system as in...
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We estimate a regime-switching DSGE model with a banking sector to explain incomplete and asymmetric interest rate pass …-through, especially in the presence of a binding zero lower bound (ZLB) constraint. The model is estimated using Bayesian techniques on US …
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