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Author Villa, Stefania ♦ Paustian, Matthias
Source CiteSeerX
Content type Text
File Format PDF
Subject Domain (in DDC) Computer science, information & general works ♦ Data processing & computer science
Abstract Gertler and Karadi (2009) combined unconventional `monetary policy'(i.e., direct lending to nancial intermediation and nancial institutions) in a DSGE framework. First, we estimate their model with UK data using Bayesian estimation techniques. To validate the t of the estimated DSGE model, we provide an evaluation of the model's empirical properties. Then, we analyse the transmission mechanism of the shocks, set to produce a downturn. Finally, we deal with some key issues in business cycle analysis: we examine the empirical importance of nominal, real and nancial frictions and of di erent shocks. Our main ndings are that the data strongly favour a model with nancial frictions for the UK economy; the sharp rise in spread since the recent
Educational Role Student ♦ Teacher
Age Range above 22 year
Educational Use Research
Education Level UG and PG ♦ Career/Technical Study
Publisher Date 2010-01-01