Business cycle and monetary policy analysis with market rigidities and financial frictions

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dc.contributor.authorCasares Polo, Miguel
dc.contributor.authorDeidda, Luca
dc.contributor.authorGaldón Sánchez, José Enrique
dc.contributor.departmentEconomíaes_ES
dc.contributor.departmentEkonomiaeu
dc.date.accessioned2016-05-10T07:40:03Z
dc.date.available2016-05-10T07:40:03Z
dc.date.issued2013
dc.description.abstractWe describe a dynamic macroeconomic model that incorporates firm-level borrowing constraints, competitive CES loan production, and rigidities on both setting prices and wages. The external finance premium (interest-rate spread) is countercyclical with technology and financial shocks, and procyclical with consumption spending shocks. The real effects of financial shocks are significantly amplified when either considering greater rigidities for price/wage setting or a low elasticity of substitution in loan production (banking real rigidities). In the monetary policy analysis, a stabilizing Taylor (1983)-style rule performs slightly better when incorporating a positive and small response coefficient to the external finance premium.en
dc.format.extent44 P.
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://academica-e.unavarra.es/handle/2454/20560
dc.language.isoengen
dc.relation.ispartofseriesDocumentos de Trabajo DE - ES Lan Gaiakes
dc.relation.ispartofseries1304en
dc.rightsCC Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)en
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectFinancial acceleratoren
dc.subjectNominal rigiditiesen
dc.subjectReal rigiditiesen
dc.titleBusiness cycle and monetary policy analysis with market rigidities and financial frictionsen
dc.typeinfo:eu-repo/semantics/workingPaper
dspace.entity.typePublication
relation.isAuthorOfPublication308e2f24-fee5-4ddb-be38-6e7a11cabf44
relation.isAuthorOfPublication3f7a9508-2d51-4cee-bf85-05eb852beb4f
relation.isAuthorOfPublication.latestForDiscovery308e2f24-fee5-4ddb-be38-6e7a11cabf44

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