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dc.contributor.authorGerke, Rafaelen_US
dc.contributor.authorJonsson, Magnusen_US
dc.contributor.authorKliem, Martinen_US
dc.contributor.authorKolasa, Marcinen_US
dc.contributor.authorLafourcade, Pierreen_US
dc.contributor.authorLocarno, Albertoen_US
dc.contributor.authorMakarski, Krzysztofen_US
dc.contributor.authorMcAdam, Peteren_US
dc.date.accessioned2012-03-14en_US
dc.date.accessioned2012-03-20T16:41:59Z-
dc.date.available2012-03-20T16:41:59Z-
dc.date.issued2012en_US
dc.identifier.isbn978-3-86558-793-0en_US
dc.identifier.urihttp://hdl.handle.net/10419/56021-
dc.description.abstractThe recent global financial crisis has increased interest in macroeconomic models that incorporate financial linkages. Here, we compare the simulation properties of five mediumsized general equilibrium models used in Eurosystem central banks which incorporate such linkages. The financial frictions typically considered are the financial accelerator mechanism (convex \spread costs related to firms' leverage ratios) and collateral constraints (based on asset values). The harmonized shocks we consider illustrate the workings and mechanisms underlying the financial-macro linkages embodied in the models. We also look at historical shock decompositions of real GDP growth across the models since 2005 in order to shed light on the common driving factors underlying the recent financial crisis. In these exercises, the models share qualitatively similar and interpretable features. This gives us confidence that we have some broad understanding of the mechanisms involved. In addition, we also survey the current and developing trends in the literature on financial frictions.en_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Papers, Deutsche Bundesbank 02/2012en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.jelE47en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Frictionsen_US
dc.subject.keywordCredit Constraintsen_US
dc.subject.keywordFinancial Acceleratoren_US
dc.subject.keywordModel Comparisonen_US
dc.subject.keywordEurosystem central bank modelsen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwAkzeleratoren_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwVergleichen_US
dc.subject.stwTheorieen_US
dc.subject.stwEurozoneen_US
dc.titleAssessing macro-financial linkages: A model comparison exerciseen_US
dc.typeWorking Paperen_US
dc.identifier.ppn688561063en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:bubdps:022012-
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