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| Tekijä: | Queijo von Heideken, V. |
| Otsikko: | How important are financial frictions in the United States and the euro area? |
| Lehti: | Scandinavian Journal of Economics
2009 : VOL: 111:3, p. 567-596 |
| Asiasana: | Bayesian statistics business cycles credit markets euro USA |
| Vapaa asiasana: | financial frictions |
| Kieli: | eng |
| Tiivistelmä: | The aim of this study is to evaluate whether frictions in credit markets are important for business cycles in the United States and the euro area.The DSGE financial accelerator model is modified by adding such frictions as price indexation to past inflation, sticky wages, consumption habits and variable capital utilization. When estimating the model using Bayesian methods, it is found that financial frictions are relevant in both areas. |
SCIMA