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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2012/22
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
We examine whether by adding a credit channel to the standard New Keynesian model we can account better for the behaviour of US macroeconomic data up to and including the banking crisis. We use the method of indirect inference which evaluates statistically how far a model is simulated behaviour mimics the behaviour of the data. We find that the model with credit dominates the standard model by a substantial margin. The credit channel is the main contributor to the variation in the output gap during the crisis.
Schlagwörter: 
financial frictions
credit channel
bank crisis
indirect inference
JEL: 
C12
C52
E12
G01
G1
Dokumentart: 
Working Paper

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