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Data revisions in the estimation of DSGE models
(2011)
Documento de trabajo / Lan gaiak,
Revisions of US macroeconomic data are not white-noise. They are persistent, correlated with real-time data, and with high variability (around 80% of volatility observed in US real-time data). Their business cycle effects ...
Firm entry under financial frictions
(2011)
Documento de trabajo / Lan gaiak,
Introducing both endogenous firm entry and a requirement for external finance in a general-equilibrium model leads to three main results. First, the financial constraint has contractionary effects on both equity investment ...