The financial accelerator in an estimated New Keynesian model ✩

  title={The financial accelerator in an estimated New Keynesian model ✩},
  author={Ian A. Christensen and A. F. Dib},
This paper estimates and simulates a sticky-price dynamic stochastic general-equilibrium model with a financial accelerator, à la Bernanke et al. [Bernanke, B., Gertler, M., Gilchrist, S., 1999. The financial accelerator in a quantitative business cycle framework. In: Handbook of Macroeconomics. North-Holland, Amsterdam], to assess the importance of the financial accelerator mechanism in fitting the data and its role in the amplification and propagation of transitory shocks. Structural… CONTINUE READING
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