Karamé, Frédéric; Patureau, Lise; Sopraseuth, Thepthida - In: Journal of Economic Dynamics and Control 32 (2008) 4, pp. 1041-1087
The paper explores the empirical dimensions of a New Open Economy Macronomy model characterized by credit market frictions. We find that these frictions are essential for the model to match a large set of moments of German data. Moreover, the simulated impulse response functions to supply and...