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Dynamic Stochastic General Equilibrium Model with Banks and Endogenous Defaults of Firms

  • Ivashchenko, S.

    (St. Petersburg Institute for Economics and Mathematics RAS, St. Petersburg, Russia)

A dynamic stochastic general equilibrium (DSGE) model with endogenous defaults of firms has been developed. Proposed mechanism of defaults is very flexible. It takes into account an amount of assets owned by firms. It suggests that banks receive some payment from firm after default. The model is estimated for the USA and Russia.

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Article provided by New Economic Association in its journal Journal of the New Economic Association.

Volume (Year): 19 (2013)
Issue (Month): 3 ()
Pages: 27-50

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Handle: RePEc:nea:journl:y:2013:i:19:p:27-50
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