An Estimated Model with Macrofinancial Linkages for India
AbstractThis paper develops a small open economy dynamic stochastic general-equilibrium model with macrofinancial linkages. The model includes a financial accelerator--entrepreneurs are assumed to partially finance investment using domestic and foreign currency debt--to assess the importance of financial frictions in the amplification and propagation of the effects of transitory shocks. We use Bayesian estimation techniques to estimate the model using India data. The model is used to assess the importance of the financial accelerator in India and the optimality of monetary policy.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 10/21.
Date of creation: 01 Jan 2010
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-28 (All new papers)
- NEP-CWA-2010-03-28 (Central & Western Asia)
- NEP-DGE-2010-03-28 (Dynamic General Equilibrium)
- NEP-OPM-2010-03-28 (Open Economy Macroeconomics)
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