:Q1 to 2018:Q2, our objectives are twofold: (1) to unveil the source of the reduced macroeconomic volatility in Korea … activity has evolved over time. Our results indicate that the volatility of exogenous disturbances hitting the economy has … declined precipitously during the sample period, which is the main driver of the recent volatility reduction in the macro …

sign restrictions. The results reveal that both a policy interest rate shock and a balance sheet shock have a positive and … temporary impact on house prices in Finland, with the response to a balance sheet shock being smaller and fading out faster. The … peak of the effect of a policy rate shock on house prices in Finland arrives faster than in the whole euro area but the …

causes adverse selection in credit markets. The models feature a new shock, referred as a lemons shock, which changes the … counter-cyclical markup in wages and a variable capital utilization rate, a lemons shock drives business cycles. A lemons … shock turns out to be equivalent to a financial shock in one model and nearly equivalent to a shock to the marginal …