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A Semi-Structural Model for Credit Cycle and Policy Analysis – An Application for Luxembourg - IMF
The paper explores the nexus between the financial and business cycles in a semi-structural New Keynesian model with a financial accelerator, an active banking sector, and an endogenous ...
All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching ...
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