Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone

@article{Benchimol2012MoneyAR,
  title={Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone},
  author={Jonathan Benchimol and Andr{\'e} Fourçans},
  journal={Macroeconomics: Monetary \& Fiscal Policies eJournal},
  year={2012}
}
We present and test a model of the Eurozone, with a special emphasis on the role of risk aversion and money. The model follows the New Keynesian DSGE framework, money being introduced in the utility function with a non-separability assumption. Money is also introduced in the Taylor rule. By using Bayesian estimation techniques, we shed light on the determinants of output, inflation, money, interest rate, flexible-price output, and flexible-price real money balance dynamics. The role of money is… Expand
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