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The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability. In their place, economists have singled out financial and uncertainty shocks as potentially important drivers of economic fluctuations. Empirically...
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develop an extended Factor Augmented VAR model that simultaneously allows the estimation of a measure of uncertainty and its … shock has remained fairly stable. Simulations from a non-linear DSGE model suggest that these empirical results are …
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this approach takes into account that the transmission of a shock might depend on the sign and the size of the shock. Large …
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this approach takes into account that the transmission of a shock might depend on the sign and the size of the shock. Large …
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