The effect of labor and financial frictions on aggregate fluctuations
This paper embeds labor market search frictions into a New Keynesian model with financial frictions as in Bernanke, Gertler and Gilchrist (1999). The econometric estimation establishes that labor market frictions substantially improve the empirical fit of the model. The effect of the interaction b...
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| Médium: | Working paper |
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University of Oxford
2013
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