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- W1499781822 abstract "AbstractThis paper uses a dynamic stochastic general equilibrium model withcredit market imperfections to estimate the role of credit market shocksand monetary policy in U.S. business cycles. The estimated model cap-tures much of the historical narrative regarding the conduct of monetarypolicy and developments in –nancial markets that led to episodes of –-nancial excess and distress over the last two decades. The estimationsuggests that credit market shocks are an important factor behind eco-nomic ⁄uctuations accounting for 15% of the variance in real output since1985. Monetary policy is also an important force behind real output ⁄uc-tuations explaining 12.5% of its variance. The impulse response functionsof the estimated model show that –nancial shocks have important reale⁄ects as a 0.25% rise in the external –nance premium causes a 0.73%decrease in output and a 2.8% decrease in investment.Acknowledgement 1 Some of this material draws on joint work withSimon Gilchrist and Egon ZakrajŸsek." @default.
- W1499781822 created "2016-06-24" @default.
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- W1499781822 date "2008-01-01" @default.
- W1499781822 modified "2023-09-23" @default.
- W1499781822 title "Credit Market Shocks, Monetary Policy, and Economic Fluctuations" @default.
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