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The simulated results of this paper show that New Keynesian DSGE models with capital accumulation...

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use...

Two types of currency in circulation models are identified: (1) a first generation derived...

Abstract Empirical evidence is mounting that, in advanced economies, changes in monetary policy...

This is the sixth of a series of papers that are being written as part of a project to estimate a...

This paper evaluates the role of trade and financial linkages in the decision to enter a monetary...